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San Francisco is neither large enough nor representative enough to be that meaningful in a national context. SF is a small enclave of ludicrous pricing, because of the huge amount of investment capital flowing into a fairly small city. It still has a lot of room to move down even if everything else is going up.

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The SF Bay Area is roughly 8.5 million of the most productive participants in the US economy.

not sure about most but maybe somewhere between decently and generally productive participants compared to the rest of the nation

Maybe not as productive as they used to be if the rents are down.

Nevertheless, 8.5 million is a small cohort relative to 300+ million, and if they're the "most productive" then they're not representative of the median-productivity experience that matters on a national scale.

For what it's worth, I think this concentration of high-profit business in the Bay Area may be (finally) coming to an end with the ascendance of remote work, which may be a factor in the locally declining rents.

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