I think it already is sexy to be a poet/writer/singer/whatever... those single women who don't want to marry are getting pregnant with "non-marriagable" men, after all. It becomes a question of, why become economically tied to these sexy losers.
Probably closer to $75K? If coal miner had a choice (most don't) of whether to work in Ohio for $50k or SF for $75k, I'm assuming they'd pick Ohio.
Thats why someone wouldn't start a coal mine near SF.
People are only going to be paid up to the point where a company still makes money from them. This has a high ceiling for software devs, a low ceiling for janitors.
There can be shortages and you could also be able to hire people by pricing competitively.
If there are 100 open positions and 80 available software engineers, if 1 of those positions is able to pay twice as much as the next highest, they will get that software engineer - it doesn't change the fact that there are 80 engineers to go around, and no matter how high they offer in pay 20 positions will go unfulfilled.