Stuart — interesting post. I think the greater question is why would anyone be interested in relocating to SF in the first place, especially those individuals that are part of the tech scene. With the continued and growing prevalence of the geographically dispersed work force, I for one see no upside in setting up a startups HQ location there. Granted access to capital in SF is an attractive draw for most — but the downside seems to outweigh the benefit, especially for those startups with traction/customers/revenue. As lovely as SF is, the detractors are huge. Corporate and personal taxes are through the roof, the cost of living is insane for most, housing issues (as your stated), overcrowding in the public schools, etc…Oh I forgot to mention the drought issues that are now in the state and seem to only be getting worse. Not seeing the real upside and I predict SF will eventually begin to see tech companies choose locations that make a little more sense for both their bottom line and their employees.