If you're starting your own company and want VC investment, I can think of no better place to be than silicon valley, assuming you make use of the social events, meetups, attend YC demo days, rainbow mansion, etc. The personal networking will lead to more and better deals.
But if you have kids, a spouse that doesn't pull in the astronomical salaries, or are trying to bootstrap a company, stay far, far away.
Probably contributes to the logan's run effect you see in SV tech companies ;)
What I've seen from colleagues with kids is the spouse also works some sort of 6 figure job and they either commute a lot or bought a house before it got extra crazy. Like one who bought a $600-700k TIC around the Haight ~4 years ago. Or they sacrifice their living standard somehow. The current family set you see today bought when it was more affordable.
You have to be good, and work hard, but I know lots and lots and lots of tech workers who are single earners with kids and a house they didn’t buy before the boom.