On paper, yes. But this argument has been around for quite a while and we haven't seen any major companies moving operations (ever after the recession). The company I worked for in Austin was a remote location and HQ was in SV. Hardly any engineering employees wanted to move to Austin, despite the fact that they were offered very generous packages. Most employees in Austin were tech support, sales, HR etc. essentially back office.
If you can convince your influential engineering employees to move, that can work. But if they don't want to move, your hands are tied.