Having read this headline ad infinium over the last 20 years or so, I will believe this when the majority of VCs move out of, and not "keep a place" in, the Bay Area.
Other places have and will continue to develop, and that's great! But the center of gravity is going to remain where you can get face time with investors.
Keen observers will notice a dozen or more US-based tech hubs emerging in those 20 years. Twenty years ago, where else would you go for a promising/lucrative tech career? Today, you can pick a state!
Completely true! But the center of gravity remains unmoved.
For context: I've never lived in the bay area; if anything, I'd benefit from there being more dissipation.
Other places have and will continue to develop, and that's great! But the center of gravity is going to remain where you can get face time with investors.