For the top of the top who can play offers from multiple FAANGs against each other, ya it's possible. For the normal to above average devs is where the cost of living vs high income dilemma becomes interesting.

An interesting analogy is how many people uprooted and moved to LA in time's past to become movie stars, and how many succeeded.

Times are changing though and you can now apply to some major tech companies remotely, more will follow as Cali is now the hardest hit state and the desire to move their cools off.