>I know folks like to point at the big techcos in the area being flush with cash as evidence this can continue a long time. And in a vacuum, wage growth in tech could continue to keep pace, perhaps. But that is 300k in appreciation a year.

It's not even about people on tech salaries at this point. Those people are being priced out of the market, too. It's an issue of foreign investment mainly from China either speculating on the market, or investing their money in the only way they can given that personal property does not exist in their country.