[dexter0]

> You've made a calculation: my value to the company is greater than $150K, and $150K is a price you're willing to pay to leverage that value.

Part of that value calculus was that you are willing to relocate (or already reside in) the Bay Area. In other words, if the company offered only $90K and still required you to live in the Bay Area, you and most other qualified candidates would balk at the offer.

> The only thing that changed is where I choose to reside. What difference is that to the company?

Clearly the company is betting that if you walk away instead of accepting the pay cut, they will be able to find another qualified candidate among the now much larger talent pool they are able to court with remote work.