Earlier quoted context omitted.
FAANG total comp is higher, but I think I've made way more money/hour off working remotely than I ever would have if I stayed at FAANG [1]. So while I have less total money, I have made the money I made way more efficiently. Which in some ways, makes me richer :) I sometimes have to remind myself that this level of leisure is basically what "traditional retirement" looks like (but with like a quarter-mil/year income…
The commute angle of the remote work argument always seemed weird to me. If you work at a FAANG you can afford to live anywhere, including in places that would give you a short commute to work. I feel sorry for people in the service industry who have hour-long commutes because they can't afford to live closer. But that is not the case for tech workers.
I think this is an exaggeration. Not everyone who works at FAANG companies is making $300K+/yr or whatever the current figure being quoted is, although senior people probably are. For rank-and-file employees, even engineers, your choices "within walking distance" of a FAANG office typically are: 1. A tiny apartment or townhome, 2. A larger townhome with roommates, or 3. Unaffordable. Numbers 1 and 2 are fine I guess if you're young and don't have kids, but I'm not willing to move my family into a sardine can in Mountain View or Cupertino.
So yea, you can afford to live almost anywhere, but only if you adjust your lifestyle drastically.