[ghaff]

Well, there's some stickiness to locations. Partners, children in school, social networks/family, even just liking the area (which I can see in the case of the Bay Area versus many LCOL areas notwithstanding the cost).

I live in a moderately HCOL area--although not in a particularly expensive part of it--and have no desire to move for essentially a one-time moderate windfall.

[aidenn0]

If enough people "just like the area" then the HCOL has priced in that fact.

I'm in a HCOL area because my in-laws are no longer fully independent, so I get that this isn't everything, but I would suggest that a lot of bay area residents are there because they either like the area directly, or like the opportunities living there affords, in which case the HCOL is justified.