You'll get no argument from me here. But I think an erroneous value judgement is what's driving that demand. San Francisco is an incredible place. And a Ferrari is an incredible car. But lots of normal people would be better off realizing they can't afford the Ferrari and buying a Camry. It's not as bad as they think.
And to really strain this metaphor, people who have all their wealth tied up in a Ferrari would be a lot better off if they sold it and used the gains to live a comfortable life.
On good trips there, I can certainly understand the attractions of the Bay area (though I'm probably less sold on the city itself). However IMO way too many people, especially in tech circles, have convinced themselves that life isn't worth living if they can't live and work there whatever the other lifestyle tradeoffs. (Which leads to the corollary that someone needs to do something to make it possible for them to do so.)
And to really strain this metaphor, people who have all their wealth tied up in a Ferrari would be a lot better off if they sold it and used the gains to live a comfortable life.