Bingo. And once talent does move offshore, it’s going to be really really hard to get it back. Because let’s face it: SV is a horrible place to live in. Housing is too expensive, poor public transportation, endemic homelessness and the chance that an earthquake will wipe out the whole region.

If another city say Bangalore or Vancouver does get the critical talent required to kickstart the Tech boom and be a viable competitor, tech companies will migrate wholesale and never look back.