Rich kids on Adderall who dream of startups and VC rounds do not qualify, no matter how much they pretend not to be finance jerk-offs in shorts and sandals, reality is not on the side of SF being the center of anything like this.
Any Rustbelt city has 100% more chances than SF and California in general.
I'd also argue that, by missing the boat (pun intended) on containerization and allowing the Port of Oakland to poach most of the shipping traffic, the city's original main economic engine shut down, and that the dotcom booms aside, SF's default mode for the past 60-70 years is "wretched hive of scum and villainy". The Summer of Love, the first counterculture to be called by that name, arose in Haight-Ashbury because the Haight was a slum at the time and a group of broke hippies could often band together to afford the rent on a house there.
And SF is in way worse shape.
Or I guess maybe you were referring to the value of their houses drop, in which case, probably, and I personally wouldn't be very troubled if I saw that.
Also if you look at my exact wording: I don't say it's going to happen, I say I would not be surprised to see it happen.
Clearly a culture worth preserving!