I lived through the 2000 tech implosion and in 1999, people though things like this were reasonable.

Amongst people who think this is reasonable are probably

- Dual earners hoping to bite the bullet before it gets crazier

- Those with <8yrs experience who have never seen a downturn or jobs go dry

- Lawyers, VCs, etc to whom this is nothing.

As a former lawyer, I can say that prices these days are high for lawyers and other service providers. Associates/employees are paid hourly so there's limited upside. You can buy a house on a single legal salary, but you won't have much cushion.

Law firm partners are in a much better position, but you can't make equity partner (not just "income partner", which is basically a glorified title they give so you can go get more clients) until you're about 40. And nobody wants to wait that long to buy a home.

Basically, "law firm partners" can be clumped together with VCs, since they both hold stakes in (hopefully) profitable businesses. But most lawyers are not partners.

The SF area is a desirable part of the country because of weather and cultural reasons (for some). So people who live here are basically buying access to good climate and desirable activities/amenities.

It's also worth noting that these figures are for a mortgage, which is in part an investment. When the trend of SF area real estate is factored in, it doesn't look as crazy. If you purchase in very popular areas (Palo/Menlo/north MV, on the Peninsula), you're pretty well insulated from downside market risk. Even during the '08 recession, things mostly just flattened out for a couple years (and have since gone on a tear). People used to joke about million-dollar-fixer-uppers. Now even the fixer-uppers are well over a million...

Reasonable? Absolutely not. Reality? Yes, unfortunately.