Interestingly, tech workers in cities that Hired designates as "Tier 2" (Boston, LA, Seattle, Toronto) now out-earn workers in "Tier 1" cities (London, NY, SFBA).
I wonder how much of this is distributional in general - i.e., if the driver is that more experienced talent has the leverage to demand remote work (or onsite work in non-HQ cities) and the ones stuck behind in NY/SFBA are increasingly those who aren't good enough and/or senior enough to do so.
I looked up the report because I was wondering if figures were inflation-adjusted, it doesn't say but my guess is that they're not. So real wages probably went down by ~4% in those areas, compared to a pre-COVID trend of, what, +5%/year or something in real terms? That's a pretty big swing - though again, this is all probably distributional and it's unlikely that any particular tech worker (let alone all of them) really took a direct pay cut instead of a pay increase. (Ok, I actually happen to have taken a pay cut recently, but I still don't think that's representative.)