Vancouver (the one north of Seattle, not the one south of it) is an even more San Francisco-y version of San Francisco.
Because, low pay and high cost of living is a bug to most people, but a feature to a few very fortunate people.
Personally, I don’t think it will pan out. Seattle proper will continue to have its niche in the CSIT world because of MSFT and AMZN, don’t bet on Seattle-Vancouver won’t become a new Silicon Valley. I doubt very many in the tech world are lusting to plant roots in Sedro-Woolley. How did Route 128 in Boston work out? And Boston is where about a zillion universities are.