Time zones still matter, very few companies are going to go fully remote, salaries are sticky downwards, many companies are going to keep large campuses in elite cities. That said, to the degree living in NYC or SF starts to be seen as the same sort of luxury choice being made by employees that living in a prime beach location is, the comp premium will go down. Employers don't care that you like living in particular cities or that you like living somewhere you can easily hop to other local jobs and, in fact, the latter is something of a negative.