You’ll often hear people blaming high housing costs on luxury apartment construction but market changes during the pandemic might be proving them wrong. What is gained and what is lost as the pandemic cuts down on long commutes. You can’t just create a new Silicon Valley overnight.
Has the pandemic disproved a theory of gentrification? During the pandemic a rise in remote work has led to a falling demand for housing in urban areas, as demonstrated by falling rental prices in places like San Francisco and New York. These price drops could signal that theories blaming new luxury housing for high prices are wrong. (Jake Anbinder | The Atlantic)