Much of the pollution in North Texas, (from traffic, cement and power production), is due to the influx of people from the surrounding states, the coasts and overseas by the looser regulations attracting businesses.
Eventually I will probably move elsewhere. The pollution and the allergy environment is wreaking my health. Traffic is a crazy mix of over aggressive yuppies, over careful illegals and commercial trucks. The water system is stressed and the deregulated power system is over priced and in decay to increase profits.
The main non-portable attraction is VCs and their money. People go where the money is.
The fact that SF is crowded is a feature. Your startup's recruitment pool and tech meetups and potential partners are all within a few dozen miles. If you change jobs, your commute doesn't change.
Given all that, I still don't think it's worth it, but obviously a lot of others disagree.
If a VC wants to a fund my company is the physical proximity of my office and their office really a deal maker/breaker? One of us can just fly to meet the other if the meeting has to be in person. I've actually never dealt first-hand with VCs so perhaps they require frequent in-person interaction.
Minor note: are there really that many bars in the US with Pliny the Elder and Blind Pig on tap? If so where are they. I'd like to live close-by.
It is certainly possible to work remotely from your VC. But you are conceding an advantage to competing teams who are working next door to the VC, for whom the cost of an additional in-person demo is a couple of extra blocks of walking during lunch hour.