And what do you think is the primary driver of said cost of living?
I believe there is a ton of arbitrary complexity in the system, and though it's not specifically created, it definitely grows if it's not checked and entities with power have no reason to do that.
Google, Oracle, MS, Governments, Banks - have very little incentive to clear the weeds, usually just the opposite.
Wherever there is steady profit, there are layers of cruft.
Mostly NIMBY-driven refusal to build more housing and transportation infrastructure. It's not like the US is lacking for land. There's no reason a dilapidated teardown-ready shack should cost $2M, no matter where it is.
" There's no reason a dilapidated teardown-ready shack should cost $2M, no matter where it is."
The cost is not the shack, it's the land it's sitting on.
The higher the salaries in the valley, the more that dilapidated shack will cost.
No, it's just 'supply and demand' neither are 'high or low' necessarily.
SV has quite high wages, that's a huge driver of demand.
The residents of SV do not want to be like NY or Hong Kong, that is their choice. It's the choice many, many places make as well. Zurich, Paris, even London, they don't live in high rises.
The attractiveness of Cali in many ways is that it's not entirely flooded/urban like NYC.
There are not just arbitrary ways to create more homes, it has an effect on the situation.