Yeah, Stanford is basically part of Palo Alto, although technically it is it´s own City. It is nuts here (in more ways than one, ie. Political nuts)
I'm sure it is. We have UCI but since the city is planned the local liberal riff-raff can't afford to stay here after school so they migrate. Also, the school I did my undergrad at is here (Concordia University - Irvine) a private x-tian college and they do a good job of taking the rental properties since their parents seem to help more with the financial side of it than with the UCI students. I love Irvine since I'm in a house I can afford in a neighborhood I can't. (that is me and my wifes joke) We are not going to leave, Lord willing.