[gorkemyurt]

"And this crushed the SF housing market."

As far as I know even in the previous dotcom burst the housing market went down just a little, something around 10%. In some neighborhoods rents have been increasing more than that per year in the last 3 years. So even if there is a tech burst the size of the 2000 dotcom burst, I don't expect real estate prices to suffer that much.

edit: here is a good analysis; http://www.paragon-re.com/3_Recessions_2_Bubbles_and_a_Baby

[xbmcuser]

  The previous dotcom bust happened when the property bubble was just building in most of the US which crashed in 2007-8. So in a dotcom bust property prices might not follow the same pattern as previously. In todays silicon Valley most people apart from the tech workers have been priced out of the market and they have left. Now a bust won't have the support these buyers or renters to stave off a collapse.