[aidenn0]

The fact that not all remote workers live in low cost of living areas implies that there is some additional value to living in SF vs NC.

Thus the workers in SF aren't being paid less, but choose to spend the pay on the bay area lifestyle

[ghaff]

Well, there's some stickiness to locations. Partners, children in school, social networks/family, even just liking the area (which I can see in the case of the Bay Area versus many LCOL areas notwithstanding the cost).

I live in a moderately HCOL area--although not in a particularly expensive part of it--and have no desire to move for essentially a one-time moderate windfall.

[aidenn0]

If enough people "just like the area" then the HCOL has priced in that fact.

I'm in a HCOL area because my in-laws are no longer fully independent, so I get that this isn't everything, but I would suggest that a lot of bay area residents are there because they either like the area directly, or like the opportunities living there affords, in which case the HCOL is justified.