In downtown Palo Alto you can see people sitting on the sidewalk with cardboards which say they lost their jobs and don't have money for food, talking on their iPhones.
The US standard for poverty is roughly $10,500 a year. Palo Alto's median income more than 5 times the US poverty standard.
Go find me a place IN Palo Alto someone whose income is $10,500 a year can pay what the US Fed. Gov't standard for what it considers reasonable rent... 30% of one's income to live IN Palo Alto.