> the ones that are in the city for work, and the ones that are in the city because they love cities. COVID creates an exodus of one, but people in the latter c

> the ones that are in the city for work, and the ones that are in the city because they love cities. COVID creates an exodus of one, but people in the latter category are also moving into cities as well as prices drop and they are no longer priced out. The housing supply is essentially fixed in the short and medium term, so we will mostly see an equilibriation in prices to keep them mostly full. So it's trivially true that some people will move in as prices fall. However, it's mistaken to think that all the people were in the city but now are leaving were there for jobs. There is a large population of folks who work south of SF, who moved there (and reverse commute) for the benefits of city living, but have now left because those benefits are largely absent with the pandemic.