This is about the time that people start to imply (or even say straight out) that their skills are really special, and that there aren't good developers outside

This is about the time that people start to imply (or even say straight out) that their skills are really special, and that there aren't good developers outside the valley. So they totally deserve the rate they're being paid. I hate to be the bearer of bad news, but there are actually quite a lot of smart people who just don't care to live in the valley for various reasons, and they are all just as available as you are when the whole team is 100% remote. Companies are going to love it, but a subset of employees are going to be sad as the market rate adjusts to the new reality.