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Entirely a coincidence that I returned, after I graduated, to take Flash MX and witness the sad demise of this wonderful school that was taught by a whose-who roster of top designers, authors and teachers.
The article is in the Bay Guardian [sfbg.com].
There seem to be millions of designers/programmers floating around this city and it really doesn't help the job market.
It is presently saturated with semi-skilled unexperienced folk who will work for nothing. It means salaries for people with skills are really low and they can't make a viable wage in a city with a high cost of living.
It still isn't much fun when things go under though.