no. Don't go looking for developers elsewhere just because they're cheaper. A reasonably sized project will likely have developers who happen to live in cheaper places anyway
(and if it doesn't, then the project is likely missing out on a big chunk of potential contributors, which is a problem they ought to be fixing anyway; diversity is a good idea). And then, when putting together funding, maybe choose those people with whom the money will go further; even if one thinks that the best developer in the project lives in San Francisco, maybe the fourth best could do twelve times as much work for the same money, and nobody's that good. (Don't believe all that 10X programmer mythology bullshit.) That is: don't pick new developers because they're cheap, bit maybe consider picking the cheaper of your existing developers. A fine line, perhaps, but I think it's a real distinction.