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It's both. The market will find a new equilibrium somewhere below SF and above India.

Surely that improves more than it hurts? I'm under the strong impression that most software developers aren't on these FAANG salaries.

Sure, as long as you don't live in SF/US. It's almost certainly going to help me, but I'm not sure I'd like it if I was based in the Valley.

I'm just pointing out some of the potential consequences.