Ah,the American dream. Go through four years of college and 100k of student loans so you can live in a $2400 dorm room while barely making ends meet. I'm moving to the Bay area in a few months and these sorts of stories make me question whether it's the right move.
Things are expensive, but wages are also really high, (I don't know a lot of people in the computer industry for whom $2400 in rent would cause pain.) and I have a great deal of freedom because there are so many nearby employers. there's got to be at least 50 places that might hire me as a programmer or sysadmin within reasonable walking distance. I have to go further than that to get a decent burger! (which is my big complaint about this place; so little nightlife, so little food. But most of the employers feed you, and for weekends there are good delivery services, so it's not that bad.)
San Francisco (and California, to a lessor extent) is setup to charge newcomers way more than long time residents. The density of employers in the bay area means that you can find your place... and just stay there, through many job changes.