As per Business Insider, a survey of thousands of SF Bay Area techies found that 2 out of 3 would consider leaving if they could permanently work remotely
As soon as several companies began offering the option to work from home permanently; employees considered the arbitrage opportunity.
San Francisco Bay Area is more than San Francisco city. In fact, the movement of startups to the city has been a more recent phenomenon. Most of the accelerator programs have been centered around Stanford campus in the San Mateo and Santa Clara counties.