Nobody will be able to predict when, but I think it's pretty likely boom times will be back eventually.
It's tempting to just linearly project the status quo into the future but looking at this graph here (https://cdn.howmuch.net/articles/61-c98f-5e41.jpg) it is highly possible that IT/Tech will play a less dominant role in 2067 than today including that the next big corporations potentially grow and rise in completely different areas than SF and Silicon Valley.
This is a good point, and I have spent time in the rust belt and great lakes regions so it isn't lost on me. This was frankly my reaction when I moved to the west coast. (Example from further north: it was hard to see glitzy retail in a place like Bellevue, WA and not think it is overly dependent on the rotting corpse of MSFT. Sorry for a blunt description.)
But in my understanding, though, I think San Francisco in particular has had the boom and bust cycles even before tech was most dominant and before a bunch of tech moved north from the valley.
It's famously hard to predict things like this. I just have a hunch that some form of housing scarcity will return to SF.
California has GREAT weather and natural beauty. Frisco has the best west coast port and should continue which will allow it to capitalize on continued east asian growth.
The midwest is pretty awful from November to April (especially the lack of sunshine).
We get plenty of sunshine in the winter months. Not as bad as the Pacific Northwest where the sun can stay hidden for weeks. But alongside that sunshine you get, it’s still bitter cold.