100% absolutely agreed. You're paying me for the work I can do for you. If someone else on the team with the same role and JD as me, gets paid more while you expect the _same level of work_ from us both, that's bullshit. Admit then you the company are paying less because you want the cheaper labor and don't complain when I put in less effort thsn the other person you're paying more. Paid for effort and knowledge, not the goddamn city I live in. If it's the same job, it should pay the same wage. Period.
This line has been repeated ad nauseum but I have never seen any backing data. Why would salaries decrease? Software development, done well, is a highly technical craft. Maybe for the first rung of developers it'll go way down but those Staff/Senior Staff I would expect to still command large salaries.