If it every becomes status quo to work remotely at a tech company, what will that do to the housing markets? Will people flood out of the cities and towards cheaper parts of the country?
I don't believe it will happen, but if it did, I think cities and outlying areas would return to a division according to desired excitement level, instead of who can afford what.
Probably nothing because most people don't work at a tech company and couldn't/wouldn't work remotely regardless. Also the city has plenty of other benefits.
I suspect people will live where they want (which may be where they already are) - I think it will have a bigger impact on tech company turnover than on housing markets. (Very few markets are SF - there are very large cities like Dallas and Houston that really aren't tech hubs)