I don't think it's a reasonable view. Leaving aside the question of whether we're in a bubble or not, if a bubble existed and burst it would have a major impact at least on the bay area economy as a whole.

1) What makes you think there is room at AppGoogBook for those unemployed startup engineers? If the bubble bursts, it'll be because of a reality-check in the growth potential for consumer technology and advertising. AppGoogBook are chasing a lot of those same areas.

2) A lot of service industries in the bay area are being propped up by the software industry. All those new restaurants popping up in SF--how much of their revenues comes from VCs and software engineers whose salaries are paid by VCs?

3) Real estate values and rents in the bay area will plummet of there is a readjustment in the technology sector.