Right there with you - it seems like capital could flow the 300 miles south without much problem, but for whatever reason it just doesn't (I suspect it's at least partially related to the types of startups and founders in LA). Irvine is ok if you're a family-oriented corporate person, but for young tech talent it's the most soul-sucking Stepford Wives place this side of Plano, TX.

In my case, I ended up just not working in LA itself for half the time I've lived here. I've spent at least as much time working in the Bay Area, Austin, Seattle, Irvine, and now Portland as I have working in LA because the companies and compensation are just so much better elsewhere.