Followed in some number of years by people in Africa doing the former jobs of people in San Francisco. If you in America can work remotely, there's no reason why someone with equivalent skills and 1/20 the cost can't work really remotely.

You might point to stories of Indian contractors like Tata, and how badly that works out for anything that's not Telco CRUD. (Note, I'm talking about the business model, not individual Indians.) But that was just the first attempt. Software will figure it out, just as textiles figured it out.