It's more sarcasm than not. He's saying it was never a desirable area but tech companies moved there anyway despite theoretically having the money to be nicer places.
Intelligence is having knowledge (think book knowledge )
Bright is like sharp. (think street smart or think things through that are complexed)
I have friends that I consider very intelligent that are not bright. One makes $200k as an actuary but can't figure out how to talk to his kids in a way that sounds human/normal.