Do you know why there are enough places to live? Because nobody wants to live there. That's why you can buy a 4BR house in Allamakee County for $115k: https://www.realtor.com/realestateandhomes-detail/304-Highwa...

And, yes, maybe there are not enough software developers in SF, NYC, Austin, and other tech hubs to drive up prices, but this move will certainly drive down compensation. I have a hard time believing such a move would end up being good for workers.