If I were you, I'd go back to work, at least part time. It sounds like you & your husband have a somewhat expensive lifestyle expectation that you would like to maintain. And that is OK, I'm not saying it in judgment. Every couple has to find the right balance for them to make their family happy.
Bay Area + Volvo + cable + debt + SAHM + husband in real estate in this market = maybe not viable.
Given your previous large income I assume you have the ability to make good money going back to work, enough to cover daycare and bring in a decent amount of cash on top of that. You could maintain your lifestyle as well as have some savings, a 529 for the LO, good health insurance which helps to keep the family healthy, etc.
And I would make your decision and just make peace with what it equates to... does that make sense? Maybe that's what you do NOW so that you can have something else you want LATER... kwim? If you really want to be at home but be comfortable, go back to work for a while, bank the money and pay some stuff down, THEN SAH when it can be done when it doesn't feel like giving up everything else you also want.
There's seriously no problem with the people that want a Sleep Number bed and a $50k car and are willing to go to work for that. But it's a serious PITA for those of us who have to hear them bitch about the choices THEY have made (no matter who is listening to them--SAHP, WOHP, whomever). I think the issue is less about the choices people make and more about the fact that they don't own their decisions. Does that make sense?
I feel like I may not be making sense today.