>The good thing is, real estate values will decrease like the pay, so people can rent at cheaper rates in the bay areas. The bad thing is, those who have bought a house are f~~~~~d.

This needs to happen. We need to see housing as more a consumption item than an investment item. The more people see it as an investment, the more the NIMBY policies we see to increase home values to levels which price young and low earners out of the market.