I haven't seen anyone else make this point, but the other vicious cycle to consider is the 7-10 year downtown cycle that the Bay Area goes through (1991, 2000, 2008, 201?). When this happens, the tech companies gleefully (privately) and sadly (publicly) lay off all their middle-aged employees (many now with families), and many smaller companies just fold or get bought. Those people have to hunker down or sell their assets and get out (this was me, 1998-2013 worked/lived in BA).

Then 2 years later, it's all back to hiring and partying, but for recent college grads and twenty-somethings who are suckered into the cycle and are unaware of the history.

But I'm sure 2017 will be different...