I really don't like this point, as an engineer from Europe. Workers who move out of SV and take a cut will still make more than I ever will. Salary has nothing

I really don't like this point, as an engineer from Europe. Workers who move out of SV and take a cut will still make more than I ever will. Salary has nothing to do with cost of living. It correlates somewhat, but ultimately all that matters is cost of labour. If we're going for "equal pay for equal work" then employers could easily pull wages down to a global minimum (now that "the market" is the whole world). I live in London where things are super expensive, much like SV, but I get paid far less. How is that fair?