Ah, OK I thought anybody who lived in Santa Cruz and reported to the office 5 days a week would take a pay cut. This is just if you're fully remote, I guess. Still seems like a slap, Santa Cruz ain't cheap even if it's slightly better than San Mateo or Mountain View.
So I'm a "super commuter"; I can take the Metro North from the end of the line to NYC, although I usually go for Amtrak for several reasons.
If I were to go fully remote, I would take a pay cut ... but it would be almost identical to my commuting costs, once you account for rail fair, parking, vehicle mileage, taxes, snacks, etc.
I don't know how representative my case is, but the pay cut ends up being a non-factor in my decision whether or not to apply for full remote.