The problem is that wage adjustments (for high cost of living areas) never fully compensated employees for the full difference in cost of living.
Part of that cost is “unseen” in the form of commuting time and money, day care costs (just two examples).
I agree. It bit me a few times.
But businesses are not charities, and the biggest cost is often pay roll.
One old timer I used to work with had it figured out. He would take a job in a high cost of living area. Say Chicago. Work there for a few years then move to a smaller market. That would freeze his wages, but he didn’t care. Then he would take a job in another high cost of living market for more and repeat.
It worked, till it didn’t and he was laid off. But a great way to play the game.