The proof of this is what happened elsewhere. the Dallas and Houston metro areas grew more in each of the last two decades the Bay Area has grown total since 1980. But prices haven’t skyrocketed because development has been permitted.
Why Amazon didn't choose Dallas or Houston?
Not enough local talent, most likely.
NY gave them billions of dollars.
This 1000x. It's fashionable to blame the shortage of SF housing on tech, when the truth is that NIMBYs have created the shortage over decades by not allowing high density housing construction.