I used to think so, until I saw the house recently sold by someone who worked on the Alien movies (David Giler?). $2 million for a really nice house in the Hollywood Hills, which looked to be actually designed, not just some standard floor plan from Tolt Brothers. In the Redmond, WA area, $2 million might get you something that isn't a 4700 sq. ft. box with windows. Hell, San Diego is looking downright affordable these days. And that's from a Seattle perspective. I can imagine a Bay Area resident with some equity (I have a big imagination) would do well moving just about anywhere else, including SoCal.