Here is a counter proposal: the government should approve this request, but stipulate that the immigrants relocate to somewhere other than silicon valley (so all of the created jobs don't end up in the once place where they aren't needed).
2) People benefit from Google, Facebook, Airbnb, etc., even if they're not in SV. The immediate job creation is a tiny fraction of the wealth created by startups. It doesn't matter where Bell Labs was located; it just matters that they did what they did. Similarly, we should just focus on creating more Googles, not on which state's payroll taxes get the immediate boost.
It's arbitrary, counter to free market dynamics, against the constitution for citizens [1], pays specific privilege to one state/region.
While they are at it while don't they just stipulate that approved applicants should pay johnrob's rent? (No offense, just trying to point out the arbitrariness of your counter-proposal)
I appreciate that there are some depressing social forces in Silicon Valley, but this is extremely special interest in the greater scheme of things.
[1] http://en.wikipedia.org/wiki/Freedom_of_movement_under_Unite...
http://www.uscis.gov/working-united-states/permanent-workers...
The only way I could see making it work in this case would be if it was specific cities doing the sponsoring and requiring the business to be run out of incubator type offices for X amount of time. So not very well at all.