That's kind of the point, right? We in the bay area have basically priced ourselves out of the remote work market because that "making ends meet" salary here is much higher than practically anywhere else in the world.
Alternatively, companies are able to keep a larger share of the value generated by labor by exploiting differences in living conditions and standards of living (usually unfavorable conditions/standards).
That's a two way street, As a media person, I can't survive in the bay area without freelancing for various media companies. My rates are far higher than salary if I can stay in demand. I guess I could survive, but it's a huge cut to what I could make in a good year.