Most of these tech workers are exchanging their millions for very typical dwellings. Much of the wealth created by technological development is passing through the tech workers to the land owners. It is the land owners and their political allies who insist that we must keep the housing scarce so that the land owners can continue to extract wealth from the labor of upper middle class.
Tech-derived prosperity is not causing deprivation.
What happens to the neighborhood if million dollar housing is built? I know what happens and I can see it around me. I’m priced out of my current area and I’m not in SF or a high cost city. I could afford it but I can buy 3x the house and property 20-30 mins away with better schools. Same commute. The weathly residents in my current area can afford private schools so there’s no incentive to improve the public schools.
Tech millionaires will push these lower income workers to the brink. I mentioned only a few types but they extremely vital to any major city.