I'm not in SF but from what I can see, the programming job market is only good these days for "rockstars" willing to work for entry-level salaries. There aren't very many good, high-paying programming jobs these days. Everything is entry level and low pay. This is why I think there are so many startups -- the qualified people are exiting the job market en masse.
The salary part might be true (I have no idea), but there are definitely not many entry level positions - most everyone as far as I've seen wants at least mid-level skillsets.
And if you're not talking about just the bay area specifically, you're definitely off base.
