Yes, but those sort of rates extend to the Union Square and Ferry Building areas and I don't observe, say, Fisherman's Wharf necessarily being a lot cheaper. (And there's very little in the Mission and Dogpatch areas when I've gone to events at the campus down that way.) During a big conference even the hotels down by the airport can be over $300/night.

(I'm sure there are cheaper options especially once you get well away from the tourist, downtown, and convention center areas. Though I imagine that's true of Manhattan as well. But SF has gotten quite expensive in general.)