Could somebody please explain why in a region with just about more millionaires and billionaires than anywhere else, there is almost[1] no serious muscle for residential development?
Perhaps I am naive, but it is my understanding that many of the wealthy people of the Bay Area made the majority of their money through commerce and technology, not by purchasing a house a few years or decades ago and quashing any attempt at increasing the housing stock.
Would it not be in the self interest of all tech corporations, executives, venture capitalists and angel investors in Silicon Valley to ensure the development of housing for their future tech employees - and thus spur their future profits - and the greater economy's service workers?
Even if one buys the insane argument that service workers perhaps ought not to live in the expensive Bay Area, one still must acknowledge that these line chefs, janitors, security guards, hairdressers and many others must live and commute in from somewhere, which affects everybody in the Bay Area, regardless of their wealth.
Everything about Silicon Valley makes sense to me but this.
[1] https://www.theguardian.com/cities/2017/oct/02/rise-of-the-y...