One of the biggest reasons so many startups moved (or started) in the Bay Area was because VCs didn't bother traveling and funded mostly local companies.
Has that changed?
I believe it has. We work with a few coastal firms where we were among their first non-traditional tech hub investments and conversations suggest many are looking for gems in new places.
If the VCs are that lazy, and assuming they still seek for the most profit, wouldn't VCs move to the bay area to find the unicorns? Wouldn't it create a virtuous (or vicious depending on the perspective) cycle of formibg a cluster of the companies and VCs in the area?
Eventually too much of such cycle would give way to the increased cost of living. But I see a tendency of more moderation in employee compensation by big companies, which would favor small startups again around the area.