The great irony is that there are plenty of people in the SF bay area who think Tokyo is more expensive than SF just like it was decades ago, even though it's not true anymore.
Tokyo is still very expensive relative to Japanese incomes. Is it more expensive than SF on an adjusted basis? Hard to say, but it’s not as clear as you’re asserting.
If anything, magacities like Tokyo and London show us that you can build like crazy, and still end up a very expensive place to live.
The great irony is that there are plenty of people in the SF bay area who think Tokyo is more expensive than SF just like it was decades ago, even though it's not true anymore.