It's a gold rush. Nothing new. Fun to watch once you have the context to understand what is happening.
What are folks flocking to? A unique combination of deep VC pockets and gullibility that can only be found in the SF geological record?
No, this looks more like a regular ol bubble to me... The flywheel is spinning up, driven by run of the mill irrational exuberance and a belief that everyone in the bay area is just smarter than everyone else. Anyone on wall street in 2007 should find that eerily familiar...
That's what makes gold rush economics similar to bubble economics: Everyone decides to chase after a nebulous source of value.
San Francisco has always been the Gold Rush City.
Which means it is best to sell the shovels so startup X can more easily/faster "disrupt the banana hammock ordering process"