This... is not the primary driver of the insane housing costs in the area. A survey from a year or two back found that tech workers make up ~8% of SF's population.
For a variety of reasons, [0] it's nearly impossible to build new housing in San Francisco. I get the impression that the situation is similar in much of the Bay Area.
In San Francisco, for the past decade or so for every new unit of housing created, roughly five people have entered the city. [1]
Add supply to take care of the backlog and meet expected medium-term demand, and you'll see prices stabilize (and maybe return to less-insane levels).
[0] The least of which is Rent Stabilization. :)
[1] You could make the argument that "If noone was able to pay the insane prices, the prices wouldn't be insane." This is true, but -frankly- there are lots of very highly-paid people out there. As far as "highly-paid" people go, tech workers really aren't all that highly-paid. :) (I know of decent-to-good engineering sales [2] folks working at bigcos that make between 2 and 10x what I understand mid-level Google engineers to make.)
[2] That is, salesmen that also have a technical background, can handle crunchy sales and configuration questions, and can even do real, deep troubleshooting of the product they're selling.