I work at the Orange County office of a fairly sizable Bay Area company, and to be honest, I've not had an incredible amount of desire to move to the bay because the OC salary is basically the same (maybe better) after factoring in the difference in cost of living. That and in OC I can live 5 miles / 10 minutes from the office whereas I don't know how far/long I'd have to commute to live in the Bay.

Admittedly, I don't know what the OC startup scene is like, I've got student loans that can't be paid with equity...