Absolutely, categorically incorrect unless, of course, you are speaking of only during your perhaps relatively short lifetime.
Don't just take my word for it, consider why folks for the last 50 years to just recently were willing to pay more than top dollar to live and work there.
I work in SF, and have been a resident of the Bay Area for most of my 60 plus years.
I used to live in SF and in the 80s it was POS. But, due to the extremely high salaries, it is worth it financially. Now, my commute isn’t bad it’s about 70-90 minutes.