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When wages go up, rents go up. For rents to go down you either have to have more housing or less people in a given area.

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And put "California" and "more housing" together and you mostly get memes of YIMBYs laughing maniacally and crying while NIMBYs sit on piles of money.

Or rent control.

Rent control externalities are well-documented; long-term serious problems occur due to them, not the least of which is lower affordability.

Short review of the research can be found here:

https://www.brookings.edu/research/what-does-economic-eviden...

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