Yep, there's no way any young person will want to stick in the Menlo Parks or Palo Altos of the world when there are companies with similar pay that will let them live wherever they want - whether that be dense urban cores, or small towns near national parks.

Frankly, I can't think of a single reason you would want to live in the South Bay. Even if you liked the lifestyle, you could find it in a sunnier suburb near Santa Barbara for a quarter of the price.