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Economically speaking, Hollywood has about the same impact as the sports teams (hockey, basketball, baseball, soccer). Silicon Valley is not without its impact, but San Fran has long been a financial center. Keep in mind: The LA Metro area has more population than the Netherlands. San Francisco has a third of that... but San Francisco proper (~1m) is a tiny peninsula.

It really is about the location. That's why rents in Tokyo are so insane.