Same here in San Francisco - only young men and teen boys wear super baggy clothes anymore, but clothes for men still seem to be cut overly large. My guy friends, who prefer the clean-cut tailored look, constantly have problems finding shirts and trousers that actually fit properly. (ie a Med is really an X-large sometimes)
I cannot wait for the day when the "pants 4 sizes too large, hanging down around the ankles" look goes out of style. In my opinion, it has got to be the #1 most ridiculous style ever invented.