Contrary to your perspective, I've grown up in Toronto, lived in the Bay Area, and have come back to Toronto because I genuinely feel it's a more balanced city to live in.
Sure, but that's not the point. The average Torontonian has never been to SF and doesn't have first-hand knowledge for comparison. A lot of young, naive people see it as the figurative land of milk and honey where everybody is driving a Tesla, making $200k and there are no winters.