Sorry. Don’t believe that hype.
With rents in San Francisco dropping by 67% they would basically turn into the rest of the country. It actually costs a LOT less to build a house than it does to buy one. In fact , a typical 4 bedroom 2000Sf house costs under $200,000 to build from the ground up. That’s actually half less than the median national house price for the same. Which I think is $400,000 right? At least on the coasts.
By the way, Portland isn’t that cheap. It’s basically comparable to San Diego now. Which isn’t as expensive as SF, but it’s expensive. More expensive than the rest of the country.