I used to have dreams of moving out to the valley after I finished school, but after checking, rechecking, and then rechecking again the cost of living out there, I pretty much scrapped the idea. The Bay Area may be a cool place to live, but it's not a 250% housing-cost-increase cool to me. Moreover, the pay doesn't match that housing increase. Forget it. For that price I'll wait for somebody to offer a telecommuting position, move out to me (it's not SO BAD in Missouri), or move someplace less psycho crazy on the housing.
This story drives me crazy because the market is essentially in the favor of the engineers, but it feels to me like the big tech influencers are trying to tilt it back in their favor by shaping policy and changing the game.
Pro tip: If you bring in foreign engineers and pay them peanuts, they're not going to be able to live in the Bay Area much less want to.