Interesting to see how these markets respond long term.
In the meantime, I'll enjoy my relatively super-affordable lifestyle here in the Metro Detroit area. Sure the winter can be rough, if you make it that. My wife, kids and I like go snowboarding and skiing at the small but excellent ski hill two miles down the road for fun, at a cost of 1/45th a month's rent for a 750 sq ft. San Francisco studio apartment ($80 for our school ski club vs. $80*45=$3600). We also have fun skating under the lights at night on outdoor ice rink that cost us roughly the price of one decent surf board someone might use in Santa Cruz.
I can't think of many summers that can top Michigan summers either. Boatloads of fresh water, warm, rarely hot temperatures, and the longest daylight hours coincide with those warm summer days.
IMO, price isn't coinciding with value in this article, but the markets show that a boatload of people are convinced those places are worth the outrageous prices. I'll pass, thank you.