We should be fighting for higher wages everywhere, not limiting them because we gave away all our power to landlords.
When there’s a lack of supply then the top earners set the market. When top earners make more then prices are higher.
Do you think Detroit is celebrating the demise of its automakers for having reduced property values? Bay Area homeowners are lords who convinced their peasants that the merchants are eating their lunch.
The automakers aren't gone, they just moved out of the city and took the jobs with them. Detroit home values also were not as inflated as San Francisco home values. Sometimes two things are actually different.
The transmission mechanism between industry and home prices is employment. The people praying for an exodus of tech workers should also be prepared for the impact it would have on the public purse.
Assuming someone leaving the Bay Area will go elsewhere in California. And even if they move to e.g. Sacramento, why would their tax dollars continue going to the Bay? Their votes moved with them.
In my state, Illinois, we have the opposite problem. Our state income tax is a flat rate (4.95%). In order for politicians to raises taxes, they target property taxes. The result is one of the highest property tax rates in the country.