And so begins the bay area salary bubble pop
I think that investors are going to be moving their money out of commercial real estate, and into residential.
Edit: to be clear: I don't live in the Bay Area, and I think the housing prices there could go either way:
1) People spend more time in their homes and spend an even larger portion of their income on their home. Having a "good" home becomes even more important since you spend even more time there, and prices go up even more.
2) People just leave the bay area. Residential prices go down in the bay area.
But there is a whole world out there that doesn't include SF, and I think that just generally speaking you're going to see an increase in residential home values as investors look for safe places to place their money outside of commercial real estate.