Well, let's look at it from the other side of the equation. It seems like a lot of companies are creating a second office location in Austin, Salt Lake, etc. at

Well, let's look at it from the other side of the equation. It seems like a lot of companies are creating a second office location in Austin, Salt Lake, etc. at the series C stage. From my conversations with these founders, the required salary/costs in SF just make it unfeasible for both the company and employee at some point. If more housing just induces demand, it still means the required salaries are still too high for the company versus say Salt Lake. At some point, this matters. If the average SF vs. SL engineer isn't 10x, but 1.2x, a Salt Lake company will beat its SF competitor if the SF company has to pay 2x for 1.2x talent. The job side of the equation has to be there to induce demand, even if the cost of living falls.