Microsoft would tend to be a beneficiary of remote work opportunities, though, since they pay better than most places, and since the COL at their head office is high. If their workers can work anywhere, they might be able to pay them less. I have a friend who went fully remote there lately and took a 15% paycut to do it. Now he lives in a city with few local dev jobs, so he's even more married to Microsoft than before, when he lived SFBA and had many local opportunities.

All that to say this doesn't seem like a strong reason for them to put their finger on the scale.