Silicon Valley, at least the bigger companies, already do that. Most people are not native to the area. Almost everyone I know in the bay area moved there for work.
The big tech companies have plenty of satellite offices, though. If you want to work for Google but need to stay in NYC, Boston, Pittsburgh, Chicago, Santa Monica, Seattle, Boulder, Austin, etc. for whatever reason, you can totally do that. You just are somewhat limited in the teams/projects you can be working on, and it may affect your career advancement. (But this likely applies to remote work as well.)
