It costs $2000 to rent a U-Haul in San Francisco. Rent one anywhere else and it’s roughly $100. This year the Bay Area will lose more people than any other region in the country. The reason is a variety of factors; affordability, access to opportunity and technology making it increasingly easier to work from anywhere.
When you’re considering where to relocate, which I’m in the process of doing myself, access (both to capital and talent) is key. What I look for in a destination city are strong existing companies, a large talent pool and capital that exists but may not be investing in tech yet.