Pay rising seems to be because of a labor shortage and if SF base pay is top of market in the US/world then other areas will incrementally move higher to attrac

Pay rising seems to be because of a labor shortage and if SF base pay is top of market in the US/world then other areas will incrementally move higher to attract/retain talent. It seems like the software developer market has much more hiring activity than pre-pandemic so I don't think equalizing to the cheapest geography/salary for remote is going to happen. It appears the trend upwards with a labor shortage is more the case that "A rising tide lifts all boats" type of thing where other markets are also trending upwards. What would be more interesting about remote work is a discussion about the labor shortage. Is it because more people are leaving for more pay and causing a ripple effect in the place they left (like a game of musical chairs)? Are there a lot more VC, therefore startups and just more open positions?