As someone who has worked both in the Bay Area and outside of it, I moved here because of the job market, not because of the salary. I would take a salary cut any day to move away, but I want to stay with my current company AND keep access to the SF Bay Area job market.

Literally the only thing keeping me from listing my house right now and moving to a different area is that not enough Bay Area companies have committed to permanent WFH yet. Once that happens, I'm gone.