No, but Palo Alto is in trouble if all the teachers, firemen, government workers, etc. start moving to more affordable places. The can't live on technology companies alone.
For example, the firemen can be based out of the Central Valley. You'd better build with concrete and steel, because the service will be slow.
That works for school too. Put the kids on a bus. Perhaps people with kids should leave the area.
See? There are options. Pay more, or get bad service. You can totally have a city with pure technology companies, just as you can have one with only retired rich people.
I suggest a mix: pay more for some things, and run other things from far away.
The opportunity the government has is to step in and buy housing now, while prices are what they are, and then allocate them while ignoring the capitalist desire to sell/rent to the highest bidder. Their shareholders do not expect 10% YoY growth, after all.
Why not simply allow to increase the density (say skyscrapers) by chaning the zoning regulations to solve the obvious issues?
I mean: If you can pass a law for subsidiaries one can also pass a law to change the zoning regulations.
But yes, that's the real solution: and it's not happening at all in the Bay Area.
The Bay is 40,000 units under what it would take to level prices (not reduce, level) and people are still protesting "ruining the character of neighborhoods" by building.
I get wanting character or style... but legislate that, not less density.
But yeah, this is where regulation is needed, because the financial incentives are to let the market saturate like it is now. If you own property and rent it out, you certainly don't have to keep it well-maintained. What is your tennant going to do, move out? To where?
I'm almost tired enough of this situation to move away from New York. (I say after installing my window A/C units this morning. What year is it!?)
It's great when large building projects take style and such into account as it makes the neighborhood nicer AND the new building nicer, usually. I'm in that situation with a new shopping center just a few blocks from me: it's going to be really nice and add to the area while still being a massive new set of buildings and stores.
However people are dumb and selfish so often have a kneejerk reaction and try to block any development for arbitrary reasons (like height)
By increasing people's wages...demand goes up (more people can afford it). Housing prices go up because there's no increase in supply, and someone gets squeezed out.
There are thousands of shuttered towns and cities around the country because they failed.