There will be no return to office.
The unspoken issue here is trust. Managers and execs at these RTO mandate companies do not trust that the rank and file are working productively when not monitored in office.
Why else would they want to lose hours to commuting, and not take advantage of their employees living in cheaper CoL areas? Because they don't truly trust their work output when not monitored in person, and the cost of higher salaries to afford housing near the office plus lost hours and energy commuting are worth buying the trust they otherwise don't feel they have. It's dysfunctional, but it makes sense.
I am glad to work in a high trust work environment. I have seen people who abuse the system get let go. They deserve it.