The other side of the coin is that a lot of very talented people congregate in places like Silicon Valley, so you rule out the potential of hiring/working for/working with them.
There are a lot of very talented people in places like Seattle and Boston, too, and yet the VCs and companies out in SF/SV are stuck in their little bubble.
Let them stay in their bubble. Every time CA vomits out a substantial number of upper-middle/upper class people it ruins another city, sometimes a whole state.
Although SV culture seems to think otherwise, there are lots of very talented people across the rest of the nation as well. I've found them everywhere that I've worked.
