Other things to consider (if you're comparing to bay area) is that total cost of living is much lower here and WA has no state tax.
Figure out if that is sufficient for you to live on. Personally, I would take it, but negotiate the stock or signing bonus up if possible.
The pay does reflect how much value you bring to the company. The better you are for a position the greater value you should be providing and your pay should reflect this.
I make more than the proposed compensation and am no happier than when I was making half of that. I probably did something wrong in making my arrangements but it wasn't in the money department.
Turns out there are lots of people who are attracted to the allure, and a limited amount of space.
There needs to be some minimum of context before anybody can answer this.