Because there is more money in SV. All else equal financially, as it was in 1960s, CA is better. Now all else is not equal, except that cost of living may have finally caught up so residents are paying what the weather is worth.
And why is there more money? Because more people want to live there than other places. Why is that? That’s where the jobs are. You’re not rebutting my argument at all.
The jobs were in other places too, but generally people with money move away from less desirable to more desirable places. How many people desire to move to a place is shown by the prices people are willing to pay.