I'd do it if I were working there
I know Northern California has permanently nice weather, but $4500 a month renting in SF or millions to buy a house anywhere close to work in Silicon Valley is insane. This is coming from a New Yorker also, for reference. :-) California is on a whole other level compared to our already super-high cost of living.
I think this is just the beginning of tech companies figuring out they don't actually need to be in Silicon Valley, Seattle or NYC to find people. For decades there's been this mystique that all you need is the top 10% of the Stanford/MIT/UIUC computer science class, a pool of poachable experienced employees, exploitable offshore and work visa labor, and a preschool office space to ensure success. That preschool office space is less appealing now, since companies have figured out that most jobs can be done with only minimal in-person (or no) interaction. So, the cheap perks like 3 meals a day and a college campus workplace do less to hold employees at work for 80 hour weeks than they used to. At that point, why spend the money on the expensive office space when you can send them to some other part of the country and pay them less?
I even see this within markets. I'm about 60 miles from NYC, so train-commutable if I'm willing to throw away 3 hours a day. Employers are well aware of this. I work locally, but could easily be making 30-40% more if I were willing to do the commute pre-COVID. What remains to be seen is whether employers will demand physical presence in our new COVID world. People are already predicting grim horrible futures for NYC real estate (but the market is insane here already.) I understand liking the area you live in (I wouldn't be here otherwise...) but there has to be a point where even money-printing employers are less willing to pay whatever it takes to hire people.