But urban centers are where everyone IS. Its where connections happen and where people are mutually drawn, even if their address doesn't say they live there. The opportunities for a wider range of connections and possibilities are what breathe life into a city--what has allowed San Francisco to make the transition away from industry as gracefully as it has.
Manhattan is the nucleus of New York. San Francisco is the nucleus of the Bay Area. If you lose that center, you end up with the nonsense sprawl that is LA. No common place for people to meet and come together. No way to rationalize or prioritize transit and other public needs.
The solution doesn't have to be subsidized housing. Better public transit allows people to reside further away and still have access to the city's opportunities, and gives everyone more mobility. But if it is becomes impossible for new people and young people to access the city because of pricing or traffic, how can San Francisco continue to flourish? Places change, but ensuring they change in a positive direction takes hard work and intention.