If anything the scenario you describe is helpful to those of us who choose to live in high cost of living areas. Folks like you aren't going to move here, and s

If anything the scenario you describe is helpful to those of us who choose to live in high cost of living areas. Folks like you aren't going to move here, and some who are here will happily move to a lower cost of living area to bank the difference. The net here is a decrease in local labor supply.