This helps. The cost of living keeps a lot of people out and there's a lot of competition for the folks that are here.

In smaller markets the same supply and demand exists, but there are far fewer options and possibly less willingness on the part of employers to compete for new hires.

A tech business in a smaller market might be growth constrained by a lack of talent and that may be fine. Tech employers in the bay area are generally under a lot of pressure to grow.