Surprisingly you would find this isn't necessarily true. The reasoning goes like this:
Pool of available jobs is smaller, so the competition is fiercer, so the mediocre talent takes itself out of the game and all your are left with are the stars who don't want to move. I know lots of engineers in N. Carolina around the Research Triangle Park area who are way more talented than some folks in the Bay Area but they don't abide the culture that is Silicon Valley and so they don't move here.
Typical myopic "bubble" comment. We have talent in South Florida.
The problem we have, is it's a small community. Poaching is out of the question. Cause word does get around. So we interview hoping we nail someone good before someone else does.
But being South Florida no one considers us tech heavy. Even though we are a "banking" & medical center and wealth is everywhere.
I was complaining about this to some state senator a while back. There was talk about creating a tech area in Miami/Fort Lauderdale (they talk about it every year). He told me, "You take care of your yacht here; your computers in New York".
Pool of available jobs is smaller, so the competition is fiercer, so the mediocre talent takes itself out of the game and all your are left with are the stars who don't want to move. I know lots of engineers in N. Carolina around the Research Triangle Park area who are way more talented than some folks in the Bay Area but they don't abide the culture that is Silicon Valley and so they don't move here.