This COL argument only makes sense if everyone rents and regional wealth is ignored. Say I buy a condo in SF and a colleague buys something equivalent in Iowa.

This COL argument only makes sense if everyone rents and regional wealth is ignored. Say I buy a condo in SF and a colleague buys something equivalent in Iowa. Our employer pays us borh so we have equivalent revenue after mortgage. After 20 years I can sell my condo, move to Iowa, buy his condo and then two more like it. This is now way to put it that makes this fair.