Please don't mix up monetary and fiscal policies.

The US is not famous for their redistribution politics especially not the past 30 years.

In Denmark we have numerous policies in place, that ensures that housing stays as housing and does not become a speculative asset - this is good if you want to buy a house the popular places.

Also, remember this is macro dynamics. Yes, houses are more expensive in the bay area. But I bet that housing has comparatively gone down in value in less popular areas.