I'm basically operating with the assumption that with the expansion of programs like this, enough tech workers would be willing to leave high-COL tech labor markets to reduce the average tech worker pay nationally as NYC/SF are no longer hyper-competitive, but not so many as to meaningfully reduce the cost of living in those areas, especially in NY where the COL is driven by many other industries.

The end result (as I'm imagining it) would be that these new national-average tech salaries can still provide a very comfortable living in low-COL areas, but are no longer comfortable in high-COL areas.