> FWIW I never met a single person in the bay area that didn't want to live basically anywhere else, ...
All this says is you live in a bubble. I know many people who would love to live here but can't afford to do so. I also live here and the only reason I'm considering leaving is the expense. I imagine most people who own a home here don't stay here because they hate it. They could sell their homes and probably retire early anywhere else. FWIW I'm not from here. The only people who want to live "anywhere else" aren't from here and are only here for the money. Those people will leave, sure. But then again, maybe not, when they see that employees here make more than they do in Cleveland.
> I'm sure that resonates with a lot of other people too, that don't think retiring early surrounded by friends and family is a prison sentence.
I think you're vastly underestimating the number of people that are from here that want to stay here. I've got many, many friends that have left the area simply because they can't afford it.
It's going to be decades before the bay "empties out", because as soon as that starts happening, those people living six adults to a three-bedroom home are going to start spreading out and the people that left against their will are going to come back. And there is still going to be an absurd amount of money here, even it gets spread around some.
And as much as companies may start to allow remote work (not at all a forgone conclusion in my mind, although the $$ seems right), there are still going to be competitive advantages to employees and founders who decide to live here.