IMO a better (or at least positive) solution would be for these huge bay area companies - especially those on the peninsula - to spread out there offices along the south peninsula and into south bay. We should be adding commercial into these residential areas so that everyone (in tech) is not traveling to the same region from all over the south bay or SF. Live where you work! This IMO would alleviate the traffic exodus that occurs in basically 2 directions every day. Put more companies in Los Gatos, Saratoga, Campbell, San Jose downtown (especially since it is fed by light rail). Stop putting offices in these "office/commercial zones" where there is NO public transportation. Why does everyone need to be in one small section of the bay area?
Optionally if we are committed to this current "everything must be in one region" mentality lets get together as communities (Mtn View, San jose, campbell, Palo Alto, Sunnyvale, etc) and get the rail built now. One of the biggest stressors in this area (outside housing costs) is the traffic and aged infrastructure. Frankly its easily solved - if this supposed "progressive" area would do what needs to be done. Yes it would cost, but it would make daily life so much better for everyone.
Yes, I know its more complex than this (one issue is NIMBYs and those that bought in early to housing and need/want it to go up), but how can our children live in this area and make it home in its current state? Humans seem very short sighted.
(sorry for the overuse of quotes and my possibly incoherent rant :) )