Sorry, J, but I am in the tech sector and know plenty of people who decided not to relocate to Silicon Valley for that very reaon.  I know several more who came back home since the cost of living was so high the salaries and perks weren't worth it.

During the tech boom of the late 90s I was offered jobs in both San Francisco and New York at close to triple my Canadian salary.  Even though New York for a year was mighty tempting, once I saw the cost of a bachelor apartment in Manhattan -- and the premiums for health insurance -- I decided I was better off here at home.