This isn’t a zero-sum game where 1 remote job gained equals 1 local job lost, though. Demand for good engineers still exceeds the available supply, in my experience.

Rather, I see remote work as a sort of leveling of the playing field. As the location advantage is diminished when it comes to compensation, the pressure starts to gently push everyone’s comp toward the median. Highly paid people might see some downward pressure but the underpaid people will start to see some upward pressure.

Silicon Valley jobs aren’t going away, though. In-person will always be in demand.