Quote:
Originally Posted by Innsertnamehere
2. Reduced demand for inner city housing, specifically in large metros. Small metro inner city housing growth is mostly based on lifestyle choice, which will continue at the same pace as before;
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IMHO this is questionable, as I noted above. Very, very few professional-class workers live in the inner city primarily on the basis of commute. It's a lifestyle choice for these people - often one they grow out of once nightlife is less important and they have school age children.
It's true that COVID caused an exodus from higher-cost major urban cores. But this was not so much due to remote working - although it was a requirement. It was more because almost all the positives of urban living (access to mass transit, bars/restaurants, shopping, etc.) became essentially value-less, while having access more private indoor and outdoor space suddenly became very attractive.
All of these dynamics will likely reverse quite quickly once herd immunity is reached. City nightlife will come back in full bloom, and be a draw to the young and single. And as I noted upthread, to the degree that housing prices ease in major cities, it's probably a bonus for these cities, as more rando 22-year old middle-class college graduates will consider NYC or San Francisco over say Philly or Portland respectively.