This investor is probably making more than the vast majority of the people building technology. It's not clear to me why society benefits from that.
High salaries encourage young people to enter the field. That's a good thing.
High housing costs are another matter...
"The engineers are getting paid too much so my startups can't convince them to work for equity because of the free market while my entire industry avoids paying taxes and stiffs America." Cry me a river, vc.
The problem rather is that it is (from bureaucratic-legal-financial overhead) hard for an "ordinary" person to become a VC. That is where you should demand change for more justice.
I think if smart people get enough money to found companies, which at the end deliver products people want (otherwise they wouldn't give their money etc. for it) and new job opportunities for prospective empolyees (people would not take the jobs if they had better opportunities), society clearly benefits.