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San Francisco has 30,000 car breakins a year. The streets are filthy and a health hazard. It’s extraordinarily expensive. Yet feces and prices rise in tandem! This is a bubble which will burst when the right alternative finally appears, like taxi medallions.
This seems unlikely. Historically it has been common for hubs of certain industries to draw people despite high cost and low quality of life. When they decline, it's always due to some external force (e.g. the whole country does), not simply an alternative appearing.
I can see the next tech hub being the cloud. Microsoft can gobble up Slack, Zoom for less than 5% of its market cap and package it with Github in Office 365.
Technology is a big driver of power shifts though ....
Istanbul had been a major power center until the 15th century due to it's position as a trade hub on the route from Asia to Europe.
Bingo. The subprime mortgage crisis of 2007-2009 is a good example.
Covid being the external force now? :)
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