They're gaining access to high-cost cities like New York or San Francisco that offer so much more than good jobs: more restaurants, better schools, less crime, even cleaner air.
There's more restaurants because there are more high-income college grads to spend money there. There's less street crime because Johnny the Finance Douchebag isn't likely to do anything worse than public urination. (white collar crime is another matter)
As for better schools, hasn't happened yet at least in NYC -- the system is very uneven and the lengths parents will go through to get their kid in a better elementary school are legendary. Lose the battle, and welcome to the suburbs. If it does happen, it'll again be because the well-educated wealthy college students are there.
Cleaner air is mostly because there's little polluting industry left. Which means fewer blue-collar jobs.
The implied narrative that those rich overeducated scum are hogging all the good places and leaving the poor in high-crime areas with bad schools, dirty air, and no amenities gets cause and effect completely wrong.