I always just say "Be careful what you wish for!" to people who are zealous advocates of remote work.
One of the main reasons why employers would hire expensive Americans to work in expensive offices is that it paid off because of the higher level of dedication and effort. If you packed up, moved to a new city for a job and bought a house there, it showed you are all-in on the job you accepted. Plus, it means you are more available because you work in the same time zone and can be reached at any time simply by walking over to your desk.
If I'm some Wall Street firm (pre-2020) and I hire a junior Analyst, I know I can get him to work 14 hours per day if he moves to rainy NYC and is immersed in our company culture where everyone is still working in the skyscraper at 10 p.m. That's the reason why new college grads could make $400k+ salaries in the past. That will go away.
Companies will be more than happy to employ a Project Manager who doesn't have a defined schedule and sort of works 4 hours per day on his laptop under his gazebo on Miami Beach, but his worth to them is something like $60k/yr, not $220k/yr. If you pay attention to the news, you know that companies are starting to say exactly this, although they're couching it in more diplomatic terms (if you know how to read between the lines).