There is not a (net) mass exodus from the Bay Area, hence the ridiculous prices. I moved to SF in 2006 and there were always people claiming it was on the verge of collapse because everyone was fed up with the high prices and crowding and was fleeing. Funny to see that nothing has changed.
“No one goes to that bar anymore, it’s too crowded!”
this is an interesting asymmetry I've noticed too. There are countless of places where salt of the earth Americana is the de facto monoculture.
If I'd go there and try to create a liberal-hippie space for myself they'd probably flip me the finger and tell me that's not the local way of life, and somehow everybody seems to agree that this is perfectly fine.
Yet when people in the valley or in a big city share a common culture they somehow have to defend themselves and painstakingly carve out a space for Peter Thiel et al. Why is that? If he doesn't like California's culture Thiel can move, end of story. Why do we have to treat him like a wounded deer?
The real problem is increasing polarization of the Congress since Gingrich. We are going to keep flipping back and forth between Republican domination and Democrat domination rather than slight right majority and slight left majority with great debates and comprises until some key issues with the electoral process and congressional procedure are fixed.
I think the end result is an overhaul and optimization of government by sensible, human-oriented technologists but that is a few decades and several bitcoin bubbles away.