This is part of it yes. But after sufficient housing stock is built for the available working population, prices generally reach an equilibrium around median worker pay in the area. And if the median worker pay is now inflated by tech salaries and you are are still a line cook, you’ve been screwed. The construction market will not respond by making housing until it is cheap and unsold enough to be affordable on your line cook salary. The construction companies would sooner take jobs in more lucrative markets. If you are a line cook where most everyone in the area is paid about as much as you on the other hand, you can probably afford a local mortgage.