Yes. At least until people figure out that life can be awesome (and real estate is 1/4 the price) outside it.

Land values are not about lifestyle and preferences, they are about interest rates, scarcity, and proximity to economic production.

As services and particularly technological services become more important and create more value, the value of land proximate to these activities will continue to increase, because the business depends on talent, and network power i.e. relationships with other individuals (which require proximity). As for interest rates, I forecast they stay low for decades as inflation will remain suppressed.

There could be several cyclical downturns along the way but I can't see any way land values in the Bay Area don't appreciate at an annual rate greater than national CPI ~30 years from now.

Until tech ecosystems outside the area are comparable there will probably always be waves of new people willing to give it a try to counter those moving somewhere more affordable.