That was my first thought as well, that the COL is high, but A) no one has a gun to their heads, B) they don't have to live in SF, and C) if they've been careful with their money, they can relocate to a place outside of Calinferno after four or five years, basically set for life. Oh yeah, and D) they can be replaced by robots built in one of the nearby tech companies.
Oh no you di’int. Relocate outside calibfornia? And bring the “That’s not the way we did it in SF.” crap along? ;-)
A massive wave of debt, in a completely printed, fiat currency, at near zero rates courtesy of the central planners at the Federal Reserve (and central banks everywhere) is washing over government budgets and asset markets.
Where that money creates bubbles is asymmetric, and as we know, there are a few spots, like California, particularly SF area, where that money is pooling.
It supports the leftists, their cronies in and out of government, and all their social engineering schemes in those places.