I think an easier way to do this is for a forward-thinking hosting provider, colo, etc. in the bay area to offer discounted or free hosting to YC companies (free during the YC period, maybe not after); a few months of free hosting to have a shot at a successful site as customer would be more than worth it.
(alternatively, convertible debt)
Piggybacking on YC's selection process seems like a good business model in general.