He is complaining about an influx of well paid tech industry workers, some of which are from Stanford, who have been buying up property and driving up rents the last few years as the Bay Area and Silicon Valley have been in a tech boom recently.
Previous tech booms were centered in the valley and peninsula, but this one has more of them moving into SF proper.
This has annoyed the old left and the old bohemians, as well as slum residents, who are finding it too expensive to stay.
Younger, college educated, mostly white, people today are moving into the cities. I see it here in DC. Neighborhoods that were historically black going back generations are now becoming gentrified, forcing the black families to move out to (primarily) PG County in MD. Those same areas were white before ‘urban flight’ so the pendulum is swinging.
My own thirty-somethings live in their respective cities. Don’t want to own a house, a car, or (horrors!) live in the burbs.