Subsidizing is NOT the answer. This will drive up prices for everyone living above subsidies. The problem is demand WAY outstrips housing supply. In my opinion the one thing that could kill the Bay Area economy is the aversion to residential construction.
Housing stock on the Geary corridor could be easily increased, and even a modest improvement to the transit system in that area could make a big difference.
It is absolutely crazy to artificially restrict residential building in areas where there is high employment demand. It is almost like we want to prevent economic growth.
The US is a crazy place. We complain that there isn't enough economic growth, but when it happens, we put in all kinds of restrictions that limit it.