Yes. Note that the general idea that “California pays the most but once you factor in state income tax and housing costs, it’s about the same” has been true since about the late 1970s.
I agree with you completely, just:
a. Hard to see how it’s going to change if it hasn’t changed in 40 years
b. Competing jurisdictions are a thing. Theoretically some other city elsewhere will gain a comparative advantage if they have the right building codes and gain a critical mass of tech companies. And it will turn Bay Area into another Detroit or maybe just another New York City. (NYC, while still viable, is mostly stagnant with ever decaying buildings and ever rising fake rents)