Is it about the domicile or the base of operation? So many people are commuting from smaller, and even from same size or larger, communities to their position at their base it would be very difficult to align the true cost of living for a large group in different life scenarios.
I am mostly familiar with pilot contracts so my perspective is that the most direct approach would be to offer whatever you need to entice pilots to apply then enough in the future to entice them to stay. Is it the companies fault that a person applies for a job they can't afford? As long a there are people applying(demand) there must be jobs(supply) they are willing to commit to. I think that the more immediately issue for operators is retention.
I know that there is so much more to the issue and to simplify it can lead to misunderstanding the cause and effect. I believe that the only path to reclaiming the status of professional pilots, and engineers etc. in this industry is through hard bargaining. Professions need to realize and exercise their influence at the bargaining table and in the public eye. To rely on government intervention to enforce the laws of physics and science of physiology is shirking our responsibilities and devaluing our collective value.