I'm pretty sure it's not a joke. I live in the San Francisco Bay Area (east bay). The only "reasonably" priced homes are in bad neighbors in Richmond and the like.
And even THAT is starting to change. I wouldn't be surrpised that former bad places in the Bay Area like Richmond, much of Oakland, much of San Francisco, and East Palo Alto rapidly gentrify because of people moving in and renovating whole neighborhoods.