lets hope it willn't affect earthquakes in CA. Though considering that handling comparable amounts of liquid in shale gas production in CO does affect earthquakes...
in 2000 during that housing squeeze we rented very small (almost studio) 1bd in Palo Alto at 1100. Currently i see large 1bd in Palo Alto going for ~2K. Given that money has cheapened at least 2 times (and salaries and prices doubled) during this period i don't think that situation has changed significantly in any direction.