I think the housing market indicates a net inflow of engineer types:
(1) There are actually still some low income people living in the Bay Area. For example even in Mt View (home of Google), there are some low income areas. Other cities have them too. The low income people are continuously being displaced by higher earning engineer types. This is reflected in rising rents.
(2) It varies by city, but there is some new construction. Last year, SF issued 6 building permits per 1000 residents, while San Jose issued a little under 3 [1]. Some other cities in the area, like Mt View, Sunnyvale, Fremont, are fairly pro-deveopment.
(1) There are actually still some low income people living in the Bay Area. For example even in Mt View (home of Google), there are some low income areas. Other cities have them too. The low income people are continuously being displaced by higher earning engineer types. This is reflected in rising rents.
(2) It varies by city, but there is some new construction. Last year, SF issued 6 building permits per 1000 residents, while San Jose issued a little under 3 [1]. Some other cities in the area, like Mt View, Sunnyvale, Fremont, are fairly pro-deveopment.
[1] https://lh3.googleusercontent.com/-q6CqiDf9FL8/XINJI7vxJ0I/A...