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Maybe this is falling into the trap that OP wanted to avoid but I think you're right. Sure, if I moved to the Bay Area my income would go up by 10-15%. But about half of that would go straight to taxes, and IMO the remainder wouldn't be enough to set me up with a comparable quality of life.

Scene_Cast2 should add this as a fourth element to their list.

It will all make it to n-gate.com. Don't worry.

San Francisco isn't in Silicon Valley. They're just pretending.