It will be interesting to see what happens. I work at one of FANG and recently relocated to Asheville from the Bay Area (sooner than I expected; we have a newborn and wildfire smoke was getting pretty bad). Compensation adjustment is surprisingly less than I would have expected, although it's hard to say if this trend will hold over the next decade or not.

Our rent is 1/4 of what it was in the Bay Area for one more bedroom now. I do miss California a lot though; the weather, food, and culture are very hard to beat (although Asheville isn't too bad in this regard, but at perhaps 1/20 of the scale). Ironically, with the amount that I am able to save from not living there anymore, I plan to save up and buy a house somewhere in the Bay Area in 15-20 years. But this is assuming my income will remain at Silicon Valley levels. If companies change their mind about embracing remote work, it will drop quite a bit since we are definitely not moving back any time soon. Personally, I feel that I am more productive working remotely than in person, but I do miss all of the office perks.