But how can such a small percentage of the population (what percentage of the population in the Bay Area works in tech?) affect things so universally? Housing

But how can such a small percentage of the population (what percentage of the population in the Bay Area works in tech?) affect things so universally? Housing prices are extremely inelastic. Reduce supply by a few percent, and prices will go up several times. I'd bet that if 2% of the housing in any major city disappeared, you'd see prices and rents go up 50%. Most commodities have a short-term elasticity and a long-term elasticity. For example, supply problems with oil cause short-term oil shocks but in the long term, people adapt by driving more efficient cars, and more suppliers can come online. With housing, long-term adaptation doesn't happen because of all the NIMBY regulations, bought and paid-for by (no surprise) rich people. Real estate is an area where a few rich people, buying second and third homes (remember inelasticity), fighting new development, and generally being dickheads, can cause massive pain.