People and companies moving away because of high taxes is a myth. CA and NY have always been expensive states to live in. Higher taxes, higher housing costs, higher everything. But they are booming.
If you were a young MBA who aspires to be an i-banker, where would you go? Iowa?
If you were a bright CS graduate who wants to tackle the hardest AI problem, where would you go? Kansas?
Sure, there are some people and companies moving away. But almost by definition, they are the ones who can’t make it here. This place demands a lot from people: lots of talents, lots of hard work. Talented people willing to put in hard work thrive here because of the wonderful opportunities only SV (and a few other equally expensive places) can provide.