Companies don't pay employees based on "what they're worth to the company". Just like with other goods and services, the market dictates the price. So, compani

Companies don't pay employees based on "what they're worth to the company". Just like with other goods and services, the market dictates the price. So, companies pay what they can to compete for talent in the market. This meant that in high-competition markets like SV, the price (for engineering talent) was very high. If now the market dynamics have shifted by not limiting supply to the SV area, then you would SV companies to pay LESS for the same engineering talent. So, if you argue that people should be paid the same no matter where they live, then you should also be prepared for salaries for many engineers to fall.