That's a bit of an overstatement, even though Haifa's beach is quite nice, and the view from the hills might remind one of San Francisco. But in the end, the sea is of little significance without the city's people.
Haifa is far more affordable than Jerusalem and Tel Aviv, seen as "where the action is". But culturally it has a long way to go. And despite its "Red Haifa" reputation, it's a working city and one of the country's high tech centers (with much credit to the Technion up the hill).