That's basically what happened. There is an overabundance of jobs but since there is no need to live in San Francisco the fundamental mismatch between commercial and residential property has been resolved temporarily.
Though there was mostly never a need to live in SF for a lot of the tech company jobs. Many/most were people who wanted to live in a city in the Bay Area even if their jobs were in the South Bay. I assume it's an exodus from the Bay Area generally.
