This is an excellent article. In terms of what did you miss — in the context of developing economies the cost of living isn’t only monetary. Some of it is effort based. For example in India the effort that women deploy to get access to potable water and water in general for all their activities is significant. Technological innovations that provide better access to water, electricity, better sanitation could reduce human effort involved, improve health and help them focus more on generating income from those hours.
In drought-hit California this may be more expressed in a reduced ‘cost’ of water. So better innovation to grant access to basic needs would reduce ‘cost of living’ in both developed and developing economies.
Plus, I think there’s money to be made from these endeavors. It doesn’t have to be charity.