Earlier quoted context omitted.
> There's nothing magic about SF's geography It includes two of the world's top ten universities, incredible natural beauty there and nearby, excellent weather (locals complain, as locals do, but it's wonderful), and all the resources and people are gathered there. It's hard to imagine the return on investment of moving.
Universities are institutions made of people. If SF becomes to expensive for those people to work and study in, they'll face the same problem of housing costs. And universities rise and fall over time: a great CS department one decade might slip down the ratings the next. There are many places on Earth with nice weather and scenery (depending on taste). There are many cities with great night life for younger people,…
I think it's the opposite; what changes more slowly? How has the list of elite universities changed over time, unless we are talking about centuries?
> There are many cities with great night life for younger people, or good schools for families.
People like to find others with their interests. Very smart, highly educated, intellectual, creative people gather in SF, NY, LA, Boston. It's all the people who were bored and felt limited elsewhere. You want talented people to work with, to talk to, to challenge you. All those people who wanted to get out of their small town go to these places.