That seems unlikely, since it's a nice city in a temperate climate. Absent any discussion of the job market, I'd like living there.

Now, given the cost of housing in the Bay Area, having to pay ridiculously high salaries for people to afford living there...

Which, yes, is a bit circular. The tech boom (plus dumb zoning choices, and also California's property tax laws) has resulted in that vast increase in housing costs, as too many people try to cram into the available housing stock. Note news stories about rent plummeting in SF as people went remote for COVID.