The issue is this. San Francisco used to be weird, beautiful, edgy, and affordable outside of known rich neighborhoods (Pac Heights) that, like the UES, aren't very interesting places to be, anyway, unless you live there. San Francisco used to have a lot of unique character to recommend it. It still does, to a lesser extent, but it also has douches wearing Glass and paying huge sums of money for crappy apartments, not even because they want to live there, but because they enjoy bullying the poors.
When MBA culture infected the Valley, it turned it into a shitty New York: the worst of both worlds between a sleepy, semisuburban (but still beautiful and interesting in its own right) California city and the hypercompetitive pressure-cooker of Manhattan.
In 2002 it was still conceivable that a normal person would want to live in San Francisco, just because it was still an interesting place: a genuine big city on the West Coast, with less rain than Seattle and far more character than L.A. Now, all the people I like hate what's happening to Northern California.
Even tech workers are marginalized in this brave new world. How many software engineers are there that could buy a house in San Francisco at the market rate? Seven? Twelve? At typical house-buying, setting-down ages the are... zero, plus or minus one engineer who got in early on a ridiculously lucky startup, negotiated well, and over whom the founders are still kicking themselves.
It's ridiculous. Of course, that's also the fault of the NIMBYs, who should be squashed with extreme prejudice. They deserve far more hatred than anyone on Sand Hill Road. It'd be better if the insane anger were directed at NIMBYs instead of innocent Google engineers (who are also getting ass-raped by rent, thus victims of the same thing).
I don't know what the permanent identity of San Francisco is. I hope the crash will take out the nonsense and flush the entitled, Harvard-MBA culture back into the Stygian reaches from which it came. Let's have the NIMBYs thrown under that bus as well. They're certainly trying to turn San Francisco into a shitty New York knock-off, but they haven't irreversibly won yet.