I don't see that as a counter. Yes, this might be bad long term for people staying in SF, and good long term for people outside of SF/the US. But individually you can look for opportunities in your own local market and get local market rates, or break that paradigm and look at other markets, just like companies are waking up to hiring employees in cheaper markets (beyond hiring consulting firms). Like everything in markets, there's always opportunities for the wise to take advantage of, on both sides