That's true to a degree. That said, I think its fair to recognize that there are factors other than economic opportunity that prevent people from moving e.g. family in the area, networking, school etc. We also need to acknowledge that there will always be a need for a certain number of low-wage jobs and those people have to be somewhere accessible. Finally, there is a reasonable argument for cultural diversity and continuity. For all of those reasons, it does behoove us to think about what can be done to improve the housing situation.

It does seem like the market is responding though. Anecdotally, I'm seeing lots of new development in San Jose and they're all high-rise style buildings that should add significantly to the overall housing supply.