>I've never been to the Bay Area, so what I'm about to say may not apply,
This is honestly where it is hitting. When I moved to the bay area ~10years ago I asked myself 'why are they paying me usd500k to move here when I could just work from my home country for a fraction of that'.
Meanwhile in my home country there's a tech boom. In fact my current big faang company is hiring there and closing jobs here.
Can't say I'm surprised except that it took this long for the realization that you don't need to have your staff move to the bay area and thus you don't need to pay bay area wages.
This is honestly where it is hitting. When I moved to the bay area ~10years ago I asked myself 'why are they paying me usd500k to move here when I could just work from my home country for a fraction of that'.
Meanwhile in my home country there's a tech boom. In fact my current big faang company is hiring there and closing jobs here.
Can't say I'm surprised except that it took this long for the realization that you don't need to have your staff move to the bay area and thus you don't need to pay bay area wages.