From what I read on the internets, housing is also absurdly expensive in London, Lisbon, NYC, Toronto, Vancouver, Shanghai etc. Adjusting for the local level of salaries of course. So not sure what your point is?

Absurd compared to the local living wages, not compared to SF

Comparable to SF, but unsupported by the easy money.

> by the easy money.

A lot of this completely self-imposed (and very much by design) to prop-up real estate because there's no other industry to support the economy.

Vancouver is a prime example: it's extremely easy (compared to the US) for foreigners to purchase assets (even with questionable sources of incomes that wouldn't pass the higher scrutiny of USCIS) and for owners to collude into restricting the supply. They are happy since their investment appears to grow in value (they can get out of the game and cash-in if another foreigner decides to park his money into these assets) and the government is happy since a lot of people's retirements are tied to their home value and it gives the impression the economy is growing.

I don't think anyone is blind to how expensive SF real estate is?? I mean at least every single person I know who lives there talks about it!

I think most Americans are kind of blind to how absurdly expensive American housing, and the entire American lifestyle, is. It's not just housing, it's everything: healthcare, restaurant food, car culture, heating/cooling/lawn care for the enormous houses, I could go on and on.

I would also add the strength of the dollar. If the dollar appreciates to the value of the local country's currency, then the revenue earned from there using the local currency for pricing and transacting begins to be worth less.

If it was true, wouldn't we expect Japanese developers to be paid 0.7% as much as American developers?