Yeah, I think this is more correct. Historically, land value has been driven upward by proximity to high-paying jobs. This is why gentrification occurs. For exa

Yeah, I think this is more correct. Historically, land value has been driven upward by proximity to high-paying jobs. This is why gentrification occurs. For example, people move into the Mission District in SF because it's close SoMa where a lot of tech offices are. That creates upward pressure on housing prices (with more demand). Landlords and developers also renovate or build new construction (e.g. Vara on 15th and Mission) that are considered "luxury", with rent prices higher than what previous residents of the neighborhood can afford. Developers generally have an incentive to build for the luxury price range, because the price of construction isn't substantially higher (and it makes the lifetime ROI of the building much higher). This means that if more people work remotely (especially high-earners), there's a less concentrated effect on land value in specific neighborhoods. People who previously lived in neighborhoods are less likely to be priced out, which is ultimately a symptom of wealth inequality.