Overly loose credit, the decisions of companies to centralize, and NIMBYism is driving up the cost of pretty much everything. People just move to where the work is.
I have coworkers from Oregon in the Bay Area. Some would say that by moving here they're 'driving up the price of everything'. At this juncture if they move back, they'll then be 'driving up the price of everything' at home. It's meaningless.
The other serious half was in reference to Bay Area yuppies moving here and subversively driving up the cost of pretty much everything.