No it doesn't. If it did, they would already hire those people and get rid of their more expensive talent.

Those people are not applying because they live elsewhere. If they moved they would have a different candidate pool.

Pretty specious argument in the days where SF companies are mandating RTO when it could be far cheaper to negotiate to WFH status those employees who didn't want to be in the bay area or bay area offices anymore.

It isn't just talent, it is local ecosystem.

Large metro areas have a large # of services available. From office furniture delivered in hours to a wide range of service industries available on demand.

From food delivery to sign printing to courier services, large, dense, cities have economics of scale.