They've been saying that forever, just like they've been saying "Silicon Valley will suffer a brain drain because people will move away due to the high cost of living." In theory it makes sense, but it never happens in earnest.

Working in a startup is much, much more fun that working at a big corporation. I took a paycut several times to go work at startups just because working at a big company where you work on a single API of one of their products gets boring really fast, regardless of the pay.