I remember early 2000 similar stories out of San Francisco when I lived on the west coast of the U.S. by those that moved to other cities on the west coast because they could not afford to rent or buy in the San Francisco area even if they had a good paying job.
Today or for the past 5 years, those other cities are really no longer an alternative solution because they too have now seen escalating rent/home prices. For example, when I lived on the west coast in a warehouse apartment for $350 per month...same place today is now listed for $1800 per month.
I'm still close friends with the owner and he tells me the problem is as soon as your city gets listed as one of the top places to live or to raise a family with affordable housing...prices start to rise...fast...because everybody starts increasing their prices. Of course there's more to it but each city has an interesting story about why rent/home prices are so damn high.
That same apartment today has a 6 person waiting list. Crazy what folks willing to pay the outrageous prices. Heck, sometimes laughable because I remember bitching about the rent when it went from $325 to $350 per month for increase when I re-signed my lease and I was only a student at that time.
Today, most folks living in that complex are high tech, lawyers, doctors and a professional athlete.