Cool, what are their alternatives? This is a trend that is sweeping across tech, starting with some of the highest paying employers in FAANG and trickling down to companies like Reddit. When the industry norm becomes permanent WFH, what alternative is there?

Seriously, what are you expecting workers to do exactly?

Their alternatives are the other remote companies! I'm expecting workers to do what they always have done, namely walk to the better paying employers. You earn the highest wages in any field in places where multiple employers are competing for labor, and the lowest in company towns.

Tech hubs like San Francisco are not "company towns", they already had multiple employers competing for labor, and workers already had the choice to go to these other companies that are becoming remote.

The only difference is the benefits of non-remote tech-hub work that have been driving the high wages in tech - concentration of talent, face-to-face communication/team-building, advanced urban infrastructure - are now gone. So tech workers will have the same amount of company choice, but can no longer benefit from tech hubs; tell me why companies are going to continue paying the same high wages again?