If you have a mostly-fixed supply and you subsidize buying that supply, you just raise the price. In order to increase the number of people who are able to live their jobs, you need to change the physical structure of area near their jobs to have more housing.
You can't turn money into housing by just adding money. Only construction can do that.
https://news.ycombinator.com/item?id=16992481
I was responding to the objection that even if we were building unlimited new housing, the new stuff would be unaffordable to those on the bottom. And one solution to that is to pay them more relative to those on the top.
I think it's obvious to people who don't own or live in rent controlled places that we need more housing overall. I was just responding to the fair objection that more housing, by itself, isn't enough to house people who are massively underpaid.
Okay, but if you 'fixed' that, then local services would be over-priced compared to non-tech-worker wages. Then where would non-tech-workers get haircuts or cognitive behavioral therapy?