Cost of living is a red herring. The market-clearing price for your labor is lower because you cut yourself off from a lot of competing non-remote employers.
But if most employers were to go fully remote, at that point the shortage-driven Silicon Valley wages would drop near the national average, regardless of how much more it costs us to live here.
But if most employers were to go fully remote, at that point the shortage-driven Silicon Valley wages would drop near the national average, regardless of how much more it costs us to live here.