^You're exaggerating to the point of absurdity.
This student-borrower Gen-Xer in San Francisco can assure you this is a working city where virtually everyone has a job and no inheritance in hand.
As for the idea that Dallas or Phoenix can offer "all the wants and dreams of even the most choosy Gen-Xers," that is ludicrous. Dallas and similar cities don't offer a liberal civil society in a high density, transit- and pedestrian-oriented cityscape with district after district of quality 19th century architecture set amidst steep hills and mountain slopes, with water on three sides, and a mild coastal climate. In Dallas, one cannot share a blanket and a bottle of wine with one's partner and watch the fiery sun set over the ocean blue, red rays glinting off gray Chinese barges, from a sandy beach served by light rail. But the "most choosy" Gen-Xers can...and we do.
Under construction right now in San Francisco: over 6,700 housing units and 5,400,000 square feet of commercial space.