I think that's a bit low. I'm a seasoned programmer with no CS degree, but an advanced degree "in a related field", live and work in the Bay Area (not SF) and my salary is closer to the mid-$100's per year.

A Rails "developer" might be worth just $100k, but that's because there are so many hipster/naive fresh graduates in the area willing to work for (relative) peanuts on social web app fluff.