Comment by mgkimsal

Optionally, consider actual co-located teams in cheaper areas. I fully support expanded virtual teams, but there are some benefits to co-location as well, and investing in long-term co-location areas, even in other parts of the US, would be a step towards getting the benefits of both co-location and lower costs. You might even be expanding the labor pool to include some culture that isn't an SV echo chamber (potentially cheap-shot, I know).