It's been that way for decades in SF. It may very well be worse now as anyone on the margins can fall into the homeless catagory quite easily.
A recent survey found that 2/3 of the population did not have a 3 month reserve of liquid assets in case of emergency. Almost half the population would have difficulty if they missed two paychecks. Just look at the federal workers during the shutdown. Within a month it was difficult to impossible to make their mortgage or car payments. Among the "independent contractors" who get jo benefits, and also didn't get back pay for work missed had to turn to food stamps to feed themselves and their families. And the are not contractors like consultants, these were office cleaners barely getting minimum wage.
Visiting and living are different. You can find affordable motels, AirBNB, and all, but good luck renting (never mind buying) an apartment there. And I know the pain of the cost of a pack of cigarettes. Still not as bad as NYC, but not far behind. Besides, vape juice flavorings were banned by the city. No idea how that's working out, and enough to dampen any thought of moving someplace like that and pay those high taxes with that attitude.