Yes. It doesn't make sense. The prices (rent) adjust so that "if you can't very cleverly combine it with something else", which probably most people can't, then

Yes. It doesn't make sense. The prices (rent) adjust so that "if you can't very cleverly combine it with something else", which probably most people can't, then it makes sense to "stay where you are" and pay the premium compared to travel(-expenses) and a cheaper deal. If a significant amount of people would find feasible ways "to arbitrage (between locations)" the market would adjust (and prices in SV would drop). If you manage a setup in which you can profit, it is a special one and not the norm.