I think a better approach here is to focus on the supply side of things which is completely driven by companies that want people in the office and the offices are in SF or Palo Alto/Mountain View etc. So the answer here is either allow remote work and encourage people to leave California, or break up the head offices and move them across the country into less expensive areas.
Before the tech boom houses would go for $500-600K in San Jose(I should know as I bought a place in 2013 for $550k) so this high housing crisis is totally artificial and recent. It also doesn't help that having a million+ engineers/tech employees making $200k+ a year all crammed into one geographical region which is constrained by water and mountains.