Rents are rising at 5-10% a year in the south bay, and if you don't live in mountain view you don't have renters protections. There is no end in sight for cost of living stabilization for the bottom end of the market without large supply growth and/or rent control policies being enacted. Facebook could solve the problem this year by issuing a broad based 10% raise for all of their contract workers, but they would need to do the same thing next year, and the year after that etc etc etc. At the end of the day, all of this money takes a winding route through the valley and ends up in the pockets of people who own land, which is the most scare resource out here.
Due to the land use policies of the SFBA (huge swaths of Single family zoning), land itself has become a proxy for access to opportunity, and the land value is derived from both its scarcity and its proximity to high paying jobs. Single family zoning in essence creates a minimum amount of land you need to occupy through rents or investment to have access to the opportunity in the area. While we cannot create more land, we can minimize the amount of land one must occupy to have access to opportunity through up-zoning single family districts to multi family districts (more families occupying the same plot of land in multi family housing compared to single family housing).
If we want more people to have more access, then we need to reduce the amount of land they must occupy for that access, through sensible land use reforms. As far as I know, there is no other solution (other than full communism) that does not involve the equivalent of vast subsidies to existing land owners