I recently sold property in the bay area. It's crazy indeed, but if I had the chance I'd sit on it for at least another 10 years. There no signs of progress to increase inventory and between Google/Apple/Facebook (and name every other large tech company) there's enough cash in their coffers to hire 300,000 more engineers making $300k/year. Which basically means even in a massive downturn, they're still going to hire net new in the 10's of thousands every year for the next 10 years.

I don't think people really fathom how big of a deal this is. When was the last time a group of heavily concentrated companies were so flushed with cash sitting in banks? And also who's most coveted asset was highly paid white collar workers? Wall Street in the 80's maybe?