Saying it’s the worst financial decision anyone could make it completely wrong. I’ve worked here for the past six years out of college and saw my net worth swell to $400k+ (most of that is post-taxes). I moved from another large city where the cost of living is cheap. I chat with my peers who also graduated with a degree in Computer Science from the same school and most of them generally have about 1/4–1/3rd the net worth and make less than 50% of what I make. Accounting for the cost of living differences I still did better (while not being any smarter than them). I’m not in the average silicon valley situation, but I know people that have made far more and some that have made a little less. I’m not sure free with my money, but I’m not an insane cheapo either. I occasionally have $100–200 nights out, I spent over $5k on my bicycle. If I want to go buy a home all I simply have to do is move out of the area and I can probably put down 40–50% of the worth of the home in cash.
Yes, the bay area is currently in a bubble. Raising a family here is very expensive, but a blanket statement like this is just completely incorrect. Moving here at this stage of my life is the best financial decision I’ve ever made.