While I agree with some of your other points I can't fathom how a rational person could choose to not live/work somewhere because a few percentage points of the city's occupants are "wall street jackasses".
You're going to let other people make your living decisions for you?
Speaking for myself I know what NYC is like and it's a basically a shithole filled with narcissists, psychopaths and useless welfare recipients. There are also some rich artist media types, but it's not like developers get invited to their parties.
What is there for developers? Almost nothing, plus high costs.
The Bay area has way better restaurants, culture, diversity and intellectuals plus nearby beaches, mountains, wineries, skiing, it goes on and on.
You're going to let other people make your living decisions for you?