Of course, a lot of people taking their big tech paychecks to some lower-cost place will just be exporting the problem to another place. A sudden big inflow of cash into a low-cost area is going to raise prices.
When their property taxes go up a large amount too.
Prop 13 in California is a key thing cited as why NIMBYism is stronger than usual, because current entrenched residents don't feel the pain of their behavior.
Gov'ts also do not willingly pass something like prop 13 themselves, because they don't like to limit their ability to tax.
Some people earning more money and reducing the income/wealth gap is not a terrible problem to have. The rapid-ness might cause some friction in the short term, but the alternative of stagnation and deflation in the long term is a far worse problem.