Low density suburbia is what makes the Valley appealing? You can get that anywhere in America for a fraction of the price. What distinguishes the Valley is obviously its status as a tech hub. And most people may prefer to live in a mansion on the hills, surrounded by other rich people, just like most people would like to live in the Hearst Castle. But back in reality, people are choosing between a 1000 sq.ft. million dollar house in the Valley, and an hour long commute to something more affordable. The people who like the status quo are frequently those who bought a house in the 90's or earlier and saw a 500% return on their 10x leveraged investment, and don't want to see that price drop even a little. But even they complain about traffic.