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....but Princeton is.....upper crusty.........
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I reject your reality and substitute my own!
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It's a legitimate problem with desirable, area-limited cities. At some point, rich investors start buying up properties not to live there, and not to rent, but as investments.
Happens in NYC and London, prolly other places too. I don't know what the answer is, but it seems to me that it's one of the great real-world problems unaddressed by modern economics. (Another one is why we all have to keep running faster just to stay in the same place; another is how is automation going to help the world when only wealthy people and companies can afford to own wealth-producing automation.)
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Not just the bay area, but also many other urban areas of southern California.
An old college roommate bought their modest (Levittown-size) home in a suburb of San Jose for ~$500,000, ~15 years ago.
Zillow (and comps) have it now at triple that price (at least)
His company will probably move within the next couple of years to AZ/NM, consolidating locations, but also because prospective employees can no longer afford local housing.
