I agree completely. As there are more remote jobs, this will apply less and less. At which point I suspect you'll see a bimodal distribution, much like you see with in person jobs today.
There will be the "location independent" companies that pay top dollar, and then everyone else who pays a "global market average". Top candidates will get the top pay, and everyone else, even if they live in the Bay Area, will have to fight for the "global market" rate jobs, meaning it won't be feasible to be a programmer in the Bay Area anymore (barring a solution to the California housing crisis).
There will be the "location independent" companies that pay top dollar, and then everyone else who pays a "global market average". Top candidates will get the top pay, and everyone else, even if they live in the Bay Area, will have to fight for the "global market" rate jobs, meaning it won't be feasible to be a programmer in the Bay Area anymore (barring a solution to the California housing crisis).