I think the bay area is more than meets the eye.

Sure people leave, but there are also new arrivals.  The area has the greatest potential in the world.  I have been here for almost seven years after returning after twenty years in Chico.  There is no mobility there.  It suffers from being a small city.  Todays economy can not give small towns the community they used to have.  They have to be able to have more extra spending money.  If not there are likely issues.