For our ~200 person company, remote has been more expensive than an office in the financial district, sf, fwiw. Cost of travel for team get togethers/offsites for a distributed team is expensive.
How much more expensive would salaries have to be to convince those same 200 people to work in SFO?
Ironically enough, I was just at a team meeting in the SFO financial district. They would have to pay me at least $100K more for me to even consider moving to San Francisco - and that’s only because my kids are grown and we could give up our nice big house in the burbs in a much lower cost area.