Go read Ronald Coase's "The nature of the firm". And if your work _can_ be structured to minimize the transaction costs, you might as well go to a low-wage country rather than mess with a remote, medium-wage team. I worked with one company that had all of their engineering team in Pakistan. The SV-based VP engineering never saw his team face-to-face. They had a huge cost advantage.

It reads as if you equate the term "remote" with "remote (US)". The term "remote team" most obviously implies your pool of developers includes the entire earth (bar some language/timezone difficulties).

Follow the money?

Who owns the apartments? The VCs?

VCs are landlords in Silicon Valley. They money startup employees pay in rent often goes back to them so I guess they don't mind high wages that much as they are benefiting from sky high rent by renting out their real estate.

Or how about in person but not in SF?

Benefits of in person. But not SF salary.

Has been my route, no complaints.