The problem is that the people moving to the bay area have outstripped new housing 3 to 1.
I live in a similar market: the price of real estate here has tripled over the past 15 years due to no low to middle income housing being built. Only high-rises in the $1-2M per unit are being developed, so prices (and rents) have skyrocketed. Good if you got in when things were reasonable, shitty for everyone else.
I'm a smoldering volcano of virility. At least, that's what I tell myself.