The tech industry is generally a high paying, white collar job, that provided a degree of security and mobility.
Silicon Valley is where the jobs are at. But the cost of living is so high, the government has determined someone making, IIRC, $112,000 qualifies for section 8.
There have been some movement from younger people to move to less costly areas. Even some companies are moving too. But the big ones will remain in Silicon Valley. For now.
Funny thing is how many of the tech companies are “Progressive,” yet as the report states, only those at the top see pay increases. Wait and see how the CEOs react when their employees start demanding 20 or 30% pay increases to keep up with living in CA.