To my knowledge. there is no such policy. You can live where ever you choose and we do have quite a few pilots (and FA's as well) that live in some far away, tougher than average commutes, places. You are on your own to provide your own way to your domicile and it sure makes it easy if you live close to a JB served city for your commute. I would guess that the majority of our pilots live away from our three domiciles and have to commute by air for at least one leg, if not two. In my opinion, it's only as tough as you choose to make it.
I personally commute by car for about two hours to my domicile and have worked it out so that most months, I drive to the airport 4 or 5 times. Not too bad as compared with others that drive two hours to the airport, then jumpseat two legs on another carrier.
There is a policy regarding your requirement to be within 2 hours of your domicile if you are on reserve duty. And to the best of my recollection, that is 2 hours from the call to when you have to report to the airport, ready to brief and block out. It is written down in a guide or something.
Crew Services will work with you if your trying to get to work and things go bad. As long as you leave yourself a backup. If you miss your flight you give them a call and you go "OPPS" (out of position) and when you make it to your domicile they will reassign you. In addition, the Asst. Chiefs are good about sending out emails if they anticipate IROPS, giving everyone a heads up for your commute. We are a company that almost 90% commute (JFK domicile).
We are hiring 35+ a month ( I think) and I've heard of a few guys getting LGB and FLL right out of training. Not real sure, but I would guess it would happen fairly soon with all the movement right now.