You have to ask yourself if the raise is worth the COLA as well as quality of life in the Bay Area which include housing stock quality per dollar as well as nuisance crimes you have to deal with (garage, car break ins and dealing people suffering metal health issues in the street, etc.)

It works out for some people but it will not work out for everyone.

Although right now the math is rather different - you can easily remain living in NJ with all your nice local things while switching employers to someone in CA - most people are hiring fully remote people though you may be required to work west coast hours.

And, honestly, I think that after the pandemic companies are going to have a lot of trouble trying to pull employees back into in-office full time work.