Do your own math for the area:
120 x Monthly rent < cost of house?
3 x avg yearly salary < cost of the house?
If not - then sell as the area is STILL overvalued.
I do not agree that 120 x monthly rent applies to the bay area. I would use a minimum of 150 x monthly rent and I don’t think 180 x monthly rent is unreasonable for an especially popular neighborhood or expecially nice home (with views, vanity zip codes, etc.)
You cant just treat San Francisco proper like suburban Atlanta. It doesn’t work that way. Yes, rents in the bay area are expensive and 120x monthly rent should work on paper, but it does not work even now.
During the housing bubble, some homes went for over 300 x monthly rent.
I agree with your principal but not your number. I would not expect to get a home in any peaceful, non-crime ridden area in San Francisco for less than 150 x monthly rent.