There is a dramatic, almost chasm-like, difference between "stupid" and rational. Tactically it is a stupid decision. Remote work is by-and-large one of the bi

There is a dramatic, almost chasm-like, difference between "stupid" and rational. Tactically it is a stupid decision. Remote work is by-and-large one of the biggest boons to an employee who would otherwise be jockeying for a house to start a family in a place that is too expensive. Studies have shown time and time again that even under threat of pay reduction employees will STILL choose remote work. The "stupid" capitalist pays them just enough to rent locally but not enough to buy. Companies that remain remote-only will likely absorb a large chunk of the best talent in the next decade. All of the middling and new talent will be forced to bend the knee. The actual bet here is that 200 middling engineers will outperform 100 of the best. When you look at the macroeconomics the conclusion is obvious. Those 200 middling engineers will likely be 50 local engineers and 150 foreigners. However, it is a rational decision. These rich capitalists, in your words, are deeply invested in real estate. If they aren't, whoever invested in them is. Follow that chain long enough and you'll almost surely find Blackrock and Vanguard who, in my pet theory, is driving this movement. We aren't talking about Google/Facebook/Apple who have amazing self-owned beautiful campuses. We are talking about mandates from 100 person just-barely-not-a-startup companies. All this movement did is show what kind of fraud the SV startup scene has been committing for the last two decades. Naturally, when outed, the fraudster panics.