Interest in offshore talent will go up. The US is lagging in education and can't fulfill the need for cost effective talent. The benefit of developers being in the US is not much of a benefit globally.

Salaries are incredibly high in SF because of the high supply; it's an aggregation/network effect. SF is the world's tech center. As that starts fading globally, and SF is no longer the obvious and undisputed place to base your operations, great developers moving to other locations should drive up wages there and start heating up the job markets in those cities that are now becoming mini-SFs now that they're no longer being starved of oxygen from everyone migrating to SF.

> Why would salaries increase? If anything, they would drop due to increased supply.

As paradoxical as it might sound, competition attracts more and more work and raises wages for top talent. That's why SV has high salaries for engineers, NYC/London has high salary for finance, Bangalore has high salaries for local engineers (because competition creates an eco system, increasing the fight for talent).

Imagine Amazon moving their minimum wage workers to Ohio and then giving them $15/hr. Now, all other Ohio companies have to pay $15/hr or lose talent. Then the other companies start paying $18/hr and Amazon loses talent. Then Amazon raises rate to $20/hr and others lose talent and this keeps growing as more and more employers move to the region to find all those skilled employees who can join and be productive right away.