You don't stop growth by limiting it, you slow it by creating more attractive alternatives. Consider start-up zones in the interior of the US wired with fiber and zero taxation for 10 years. It is something the federal government could do to start alternative hubs.
Not that I want the federal govt meddling... I'm surprised other cities haven't pushed for this. I mean, just about any city within a 90 minute flight to SV is probably close enough if one has to do business there, and if you don't, all the better.
I'm frankly surprised that there isn't more effort to bring tech business into Denver, Phoenix, Houston and Atlanta... They all have some, but there's plenty of room for growth and the income to cost of living ratio for tech work is pretty nice... No you don't have the relatively great year round weather, but you do get more options.
Are you suggesting the federal government intentionally sabotage our biggest economies in order to try and redistribute people? That sounds like gross federal overreach.
The optics of that are terrible. We create low tax zones to bring employment back to disaster areas and blighted communities with buy in across the political spectrum. But to do the same for a bunch of rich white yuppies who get offers that put them in the top 2% out of college? Good luck with that.