The article mentions that this will allow the company to recruit from areas where pay is much lower than the Bay Area, but I wonder if this will affect the pay of current workers.
If high COL located companies starting going fully remote, it's a huge opportunity for workers in medium or low COL. For workers still determined to live in a high COL, it will absolutely put downward pressure on their salary. Their labor market is being exposed to a lot of competition that wasn't there before.
I think if this trend of going fully remote holds up, it becomes much harder to justify living in an expensive city, especially as workers age.