Most of the news discussing inflation has been that interest rates are going to be pushed higher by the Fed to force inflation lower. A few politicians have said they want to have the government give money to people to help pay the higher costs. Yet inflation is tied to a supply/demand imbalance that can be fought by increasing supply.
Driving down demand through higher interest rates makes it harder for people to buy houses. In Silicon Valley, in recent years, we have seen expectations of increasing interest rates actually drive people to buy homes sooner which has pushed home prices higher (2017 & 2021).
Driving down demand too far creates a recession. Although recessions have driven housing prices lower, that has been because people felt compelled to sell their homes either because they could no longer afford them or they moved to a new job in a distant location. After the 2007/2008 mortgage crisis, lenders have been much more careful about lending money. In spite of news reports about high-profile companies moving from Silicon Valley to Texas and elsewhere, emigration out of Silicon Valley has not been dramatically high.
Read more about inflation and Silicon Valley real estate trends.