What are you going to do if your company makes an adjusted cost of living to your compensation? My company is already advising people to come back near our address due to tax reasons.
I would file my resignation immediately if my employer tried to do "regional" pay. An employee is worth what they are worth, locale shouldn't effect that.
What's your definition of 'worth' though. Dev salaries are way inflated in very specific regions due to high demand and low supply. If location becomes less important, salaries will normalize... which means down if you're from the Bay area.
I'm all for normalizing pay, then all the talent won't go to the Bay, stack cash, then move back to middle America? Worth it determined by the market, of course.