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> By adjusting pay to local cost of living Google is effectively saying that they will provide their employees with the same standard of living regardless of their location. In lower cost of living areas this means an accordingly lower salary, because a Bay Area salary would otherwise afford an employee a better standard of living.

Except you are now stuck and can't transition back to a HCol area because all these years you were building less equity.

A 1M house in the Bay Area sells for 1M. A 300K house in Anywhere sells for... you guesses it, 300K.