>I know of no better way to objectively measure "in high demand" than "well-paid."

Sure, if the entire US had uniform costs of living. However, it's only the Bay Area that has costs (and local competition and investors) that keep those salaries at their current heights.

Every other company not based in Southern California who can't find workers will suffer, whereas before they'd at least have a chance, albeit a slim one.

So with this requirement in place, sure, it'll be hard for Disney to sell out American jobs... but it'll also make sure that only Bay Area companies will be able to justify importing workers.