Rigby, I live in a high housing cost area too. It's not quite London prices (which is why we have Londoners moving here), but it's heading that way. We do have people moving here from across Europe and other parts of the country, although there is no industry, because people have high disposable wealth. Therefore, they are still able to spend money on services, most of which are poorly paid. As I mentioned earlier, they tend to share housing or board. It's classic pull economics.
Nevertheless, I agree with you about the supply of people willing to do low paid jobs. I don't know what will happen.
As for people working away from home, fishermen, sailors, divers, armed forces have always worked away from home. Workers on infrastructure projects, such as roads, almost inevitably have to work away from home, if they want to stay unemployed, because the demand moves, as do IT contractors. I'm sure you remember 'Auf Wiedersehen Pet' or the people who have worked in the Middle Eastern oil fields over the years. I live not that far from Stansted Airport and it's relatively common for business people, scientiosts and researchers to commute to Europe.