That's a wonderful salary for most of the country. It truly is a minimum for the Bay Area. Ok, honestly it's not enough for the Bay Area. Especially if you have a family and want to own a home.
That said, I agree it's a good step toward tightening the salary disparity in the industry. There was another good discussion around this, based more on gender inequality in salaries.
I also firmly believe in remote work for tech. Not only is technology at a wonderful point to make it completely feasible (and has been for a while), but it will also help the disparity and may even lead to a non over-inflated cost of living in the Bay Area.
Part of the reason why housing costs are so high in the Bay Area is supply and demand. So if remote work is proliferated among tech companies, there will be less need for people to move to the Bay Area which will reduce the housing inventory problem and thus lower pricing back down to somewhere close to Earth. I imagine it'll always be a more expensive area than most of the country, but it's truly getting out of hand. Of course the traffic might also improve as a result too =) Bonus. Actually, with remote working it will!
Honestly, (and I could be totally wrong) I think this is a very crucial process that must happen to avoid another crash. Otherwise we're going to keep inflating that tech bubble until it bursts again. Again, I could be wrong -- but I think it's movements like this that are so economically crucial for stability.