> The extreme here is underpaying the professors and researchers so much

The problem is not that those people are underpaid.

The problem is the morass of regulation that prevents people building enough housing where they want to live, which keeps the cost of housing high.

And look - I get it - most of that regulation is there for a reason: it's popular. People like it. People like having rent control, or limited increases in property taxes. People in single family houses like not having apartment buildings go up next door to them. People like seeing green space on office campuses. People like mandatory parking requirements for homes and businesses.

But ultimately, a high cost of living is deeply corrosive to society, and all the little perks that come from these regulations just aren't worth it.