I left ATL for SF last year and I had many similar conversations while I lived there.
ATL Founder > What do you mean you are charging $100/hr? I can pay 5 shitty developers in India for that price.
SF Founder > We are on a pretty tight budget. The best we can offer you is $140k/yr + 0.7% equity.
https://www.glassdoor.com/Salaries/atlanta-software-engineer...
Neither is very scientific but I don't think it's such an obvious win.
I'm only a few years out of school and almost at the 72k level with much room to grow in salary at my current job and grade level.
You gotta compare apples to apples. I'd rather not have the majority of my paycheck go to housing. I'd rather buy than rent and I don't see that happening anywhere I've looked in Cali.
Whether these things are sustainable is one thing, but NYC and SF have always been expensive areas to live and at the same time among the best chances to grow a career in most fields. Otherwise, there'd be little growth in cities. It's not like the millions of people in urban areas are all stupid or too young to think about families and renting v. buying.