Applying to non-resident market?

With [almost] everyone WFH for the foreseeable future, what are your thoughts on applying to jobs outside of your residential radius? Are companies hiring remote analysts while the offices are "closed."

RL Ex: I live and work in Texas. I am looking to apply for investment banking jobs in New York. I will relocate once offices open back up but don't want to move to NYC just to work from an apartment for 6-12 months.

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