10,000 software developers losing their jobs in SF or Palo Alto are not going to make either of those areas affordable. Facebook's stock increasing in value 175% in 1 year is likely going to push some engineers into home buying compensation territory and the ones that can will start bidding wars for houses.
I'm not actually taking too much of a side here but its interesting how you view the ZIRP and VC industry as drivers of inequality as if VCs throwing enough money at startups so that some late 20s/early 30s person can make 180k/yr (plus some largely valueless equity) is the real problem. If anything VCs have made capital accessible to a class of people that would have otherwise been kept out of the party. During downturns and high interest rate periods, incumbents and bigger companies do well as they can weather the storm and buy up more of the market at a discount.
Even if you could drive up the interest rates to the point that these "generous endowments from VCs" and large companies cease to exist, the restaurant worker in SF won't start thriving. VC funding subsidized a lot of people's lifestyles in SF including the restaurant worker. There is not a substitute for building more housing.