However: 1) Software (&c.) is not the dominant industry, so rising salaries in software does not have an outsized effect on the real estate market.

2) The NYC housing market, unhealthy as it is, is healthier than the SF Bay Area's. NYC is somewhat less geographically constrained and, importantly, has excellent public transit infrastructure for long-distance commutes from lower-cost outer suburbs.

The NYC housing market is larger and healthier so an increase in X employees there will have less of an impact than an increase of X employees in SV