I recently sold my house in San Francisco and am totally unable to rent here now, unless I spend that equity to do so. I was very excited when my boss said I could move away and work from home, I was not at all looking forward to looking for a job at 59 years old. I think my boss also realized at least here in the Bay Area with its rents its getting and will be more difficult to hire mid level workers.
I used to work at a company a few miles north of you in the North Bay. They discovered that telecommuting is feasible for many of their positions; so their workers are now telecommuters from Bangalore.