A friend of mine complains about the young SV crowd that decry unaffordable real estate but also drive expensive cars. I think this is the same motivation that you describe, but on a grander scale. In this case, they're playing the startup lottery, and if they win it won't matter if they drove a Honda or an Audi. And if they lose, they'll have to leave SV when it comes time to buy a house.

I don't personally subscribe to this mentality — I've seen other friends save up $50k, double it with patient investing, and then scrape together a down payment. Even if you end up leaving SV, having had property here can be a good investment.