I don't think it's directly this malicious. I think it's more just a blindspot. If you're a 40-something partner at a major VC firm, who bought his home in Palo

I don't think it's directly this malicious. I think it's more just a blindspot. If you're a 40-something partner at a major VC firm, who bought his home in Palo Alto in 2005, then the "cost of living" is largely invisible to you. Sure you may have a sizable chunk of home equity locked up, but that's not a monthly cash flow issue. Intellectually you know that being located in the Bay Area is a major burden to the ramen-eating startup founders that you fund. But it's a lot easier to rationalize that away with justifications around "cross-pollination of ideas" and being in the "intangible benefits of being an innovation center". Certainly a lot easier when you're not worried about making rent on your 400 square foot studio.