Right, a market where a lot of people suddenly have the ability to move to a less expensive town and not have to worry about finding a job or worry about commute times. They may do so eventually if they wish, but I think this is a huge amount of leverage over landlords and would reduce housing demand.

I'm not saying it's good for San Francisco tech workers, but I don't think rent costing two thirds of your take home pay is historically typical. Based on that history I do not think landlords could effectively collude to keep prices high if people are willing and able to walk away.