If that was viable, people would move to Tracy or Stockton or Davis which are nearer to SF than Reno and cheaper. That's not how things work though.
It's the same reason Twitter, even though they threatened to move their office from SF to Brisbane several years ago, absolutely would never have followed through with it. Too many of their employees would have quit immediately, and we're talking about a town that's 20 minutes away, let alone 2 hours.