I hear this a lot. I will believe it when I see it. Silicon Valley is crazy expensive. Why do people go there? Why don't the wealthy of Silicon Valley live someplace cheaper?

Because that is where the action and the talent is. It's not just about money and cost of living.

Also the 0.01 are so absurdly wealthy many are pledging to give away their money. They are not going to move away from their homeland because they are taxed more.