Earlier quoted context omitted.
Why should they given the gains to concentration? Other metro like Chicago and NYC do have tech offices.
Maybe to not effectively destroy cities and communities with CoL traps? Y'know. Basic "we are members of a society and should be working to make it better" stuff. (Shocking, I know, but there have been eras where even Big Businessmans thought about this.)
On the other hand, the population of Menlo Park has increased around 10% in the midst of a world-historical boom: https://en.wikipedia.org/wiki/Menlo_Park,_California And neighboring Atherton is still well below its peak population: https://en.wikipedia.org/wiki/Atherton,_California This is because they've zoned out pretty much all new apartment, or even sometimes 2-story house, construction.
So instead more and more of those rising wages chase after the same houses.