If you're the best at your language/library/framework you'll always find better compensation than a company that normalizes compensation by locale.
There's plenty of top tier talent in cities across North America and Europe who can find remote employment at companies paying bay area rates.
Median salary seems to be $170k according to Levels.fyi -> https://www.levels.fyi/company/GitLab/salaries/Software-Engi...
https://about.gitlab.com/handbook/total-rewards/compensation...
I'm willing to take that bet. I've already suggested in numerous places on HN (pre-pandemic) that the commercial real estate market itself is going to collapse in the next 10 years because in a remote economy, office spaces have zero or even negative value, and I do see us gradually moving in that direction. Even tasks that traditionally require physical presence (working with CNC machines, materials engineering, etc) have found ways to work remotely using remote-presence robotics, etc., during the pandemic, and all the trustworthy research on the topic has pointed to remote = increased productivity, with FANG companies in particular spearheading the effort to publish bogus studies indicating the contrary.
So in the long-run I think we're going to have a bunch of empty buildings and skyscrapers. As far as the CRE market goes, all those empty buildings would be a great opportunity to create high quality low-cost or free public housing, as is already done with great success in the Netherlands and many of the Nordic countries.
Once remote becomes the norm, the obvious downside of offices (greatly increased cost for decreased productivity and grossly increased negative environmental impact) will do the rest of the work imo.
I do see a problem for the centers where there's a high concentration of commercial buildings, esp if they are not nearby residential neighborhoods. Remote works want offices close to where they live, so co-working places need to be spread out and not all concentrated in one main area.
*Timezones and working locations restricted.
Will be interesting to see how many publicly traded companies are fully remote in 5, 10, 15 years.
Especially since many new startups are starting as fully remote (and will probably stay that way and eventually IPO) and some publicly traded companies have shifted to fully remote (Coinbase, Square, Twitter)