How about we look at the numbers?: https://www.zumper.com/blog/rental-price-data/

Y/Y: It looks like NY, SJ have recovered (at least for the single bedroom) while the Bay Area is lagging. Some winners are Miami, San Diego, and Orlando. It seems that Florida has seen the highest rise in rental costs. Some losers are Newark, Virginia, St Louis. It seems the shittier cities have lost the most, and the sunnier/friendlier ones have won. In that sense, San Francisco has done averagely.

Based on that, I don't think SF/Bay Area is going downhill as people are imagining. They are doing much better than other places especially that they are already very expensive.