A $1M loan (at 4%), is just under $60k/year for the mortgage, you also need to pay property tax and insurance, but it wouldn't take you too far off the rules of thumb for a $180k. Of course, $1M doesn't get you much of a house in the south bay. Either a pretty small house with a fairly small lot in an iffy neighborhood with poor schools, or a condo/townhouse with more square feet and nearly zero outdoors space. If you want to live in mountain view, $1M is probably going to get you a small condo/townhouse.

It's a bit tight at the beginning, but since salaries seem to be increasing at a crazy pace, and your housing costs would be locked in, it gets easier in a few years. Or everything goes to hell, and at least California is a no-recourse state, so at worst, you can walk away with ruined credit and no further obligation to pay.