It's also revealing of the author's personal biases that he considers living in expensive coastal cities to be a disadvantage. In nearly every other context it's considered an advantage, despite the cost of living; imported goods and travel are cheaper, and infrastructure is nicer. The education system also tends to be better in rich cities, although it is worse in California due to Proposition 13. Having tenure in growing cities (and therefore owning property) is also a significant advantage in terms of wealth. Someone who bought a $200,000 house in Indianapolis in 1980 is doing a lot worse than someone who bought a $200,000 house in LA in 1980.
Of course the really old money everywhere is dominated by white people, but most white people don't have access to that.