Everything I have seen has indicated that cost of living in NYC is actually lower than in the SFBA but then again many people would not even consider in living in some of the boroughs
I have always been of the mindset that if companies were willing to pay SV salaries in cheap parts of the country they would be able to recruit smart people to move there. Money is an amazing motivator.
As someone who grew up in The Bay I never really comprehended the blandness of the Valley until I started traveling. Other than the weather there is nothing about SV that is all that special or unique. Its as if you dropped of Tulsa Oklahoma on coastal California.
I moved from the Bay Area to Houston in the summer. Having grown up in the bay I assumed that it would cool down at night like it does in California. I was wrong.
Property Tax rates are higher in Texas. But there is no major city in California near a job center where I am able to get a nice move in ready home for 250k. A comparable home to that house that is 250k in California will be paying more in property taxes annually.