An LCOL area that successfully attracts people doing high wage work (remote or not) actually becomes a high cost of living area. That’s the point. If you are a

An LCOL area that successfully attracts people doing high wage work (remote or not) actually becomes a high cost of living area. That’s the point. If you are a landlord in a city where median income is $50k/yr and you find out a whole lot of people earning $400k/yr are moving there, what do you do? Unless you’re a complete dummy or want to run a charity for $400k+ earners, you raise rent.