I know five guys living in a 4BR in Palo Alto and they pay $1200 each. All of them are devs that make $130-$150.

If you are single or willing to leave cheap there is good options

5 guys in a 4BR? So are two of them in a relationship and sharing a room, or is one paying $1200 to sleep on a couch?

Welcome to SF.

Move east to Manhattan and it's easily $5,000/month for a 2BR. If you want a neighborhood with a decent public school, it's even more.

In one of the other boroughs or the surrounding area, however, you can find stuff for a good bit cheaper. Hoboken avoids city taxes and is a 10 minute subway ride to Wall Street. You have to go into war zone ghetto or out to a much longer commute to find something more affordable in SF. The job market for tech in NYC is going to be of a more boring variety on average, but with comparable salaries and I would guess increased stability and benefits. Definitely different strokes for different folks, so not a 1-to-1 by any means, but could be a reasonable option for many people.