It was also the case that if you wind the clock back not all that many years, relatively few of the people working for, say, IBM (especially at the executive level) actually wanted to live in Manhattan.
Obviously the Bay Area as a whole has a problem with housing prices. (It has for a very long time but it's become extreme relatively recently.) But one of the big issues with housing prices in "prime" cities is that professionals weren't clamoring to live in them until quite recently.
Look at Boston/Cambridge as well. Teradyne was probably the only significant tech company with a major office in Boston until the dot-com/bomb and it later moved out. All the growth in Kendall Square and Seaport is recent. It's no wonder urban housing and transit hasn't kept up.
Obviously the Bay Area as a whole has a problem with housing prices. (It has for a very long time but it's become extreme relatively recently.) But one of the big issues with housing prices in "prime" cities is that professionals weren't clamoring to live in them until quite recently.
Look at Boston/Cambridge as well. Teradyne was probably the only significant tech company with a major office in Boston until the dot-com/bomb and it later moved out. All the growth in Kendall Square and Seaport is recent. It's no wonder urban housing and transit hasn't kept up.