I think Thompson is correct on what's likely to happen at the company level but fails to consider the elasticity of demand at the consumer level.

As an anecdotal example, Uber Eats/Grubhub/Seamless fees are a material portion of total ticket price in DC (which seems to be different in other cities). They are also rarely subsidized for customers here. I am still eating at the same restaurants and probably get take-out just as much as a New Yorker where delivery is way more common - but I just walk over to pick it up.

Similarly, when Uber is surging, I take the bus or the metro.

Part of what makes cities so appealing is the diversity of options. If consumer-tech-based apps get more expensive, there are actually alternatives to literally all of them. I don't need a Peloton - I can just get a gym membership somewhere. Or buy a bike.

100% agree that Millennials are likely about to change their lifestyle options. But not certain that "change" directly equates to "accept higher prices."