Once the pandemic ends and employers stop allowing WFH again, there might be a large surge in pricing as suddenly everyone wants to get back into those cities.
Blue, urban centers will allow WFH for white collar employees, but big corporate places in red and purple states will force people back into the office, even if more get sick and die. This is how the reopenings are already playing out across the country.
We don't know how many companies will require on-site presence.
Some might just allow WFH permanently.
E.g. Twitter already announced that, see: https://www.theguardian.com/technology/2020/may/12/twitter-c... .
We've seen this before with companies that created satellite campuses to take advantage of cheaper labor due to cost of living differences.
When problems arise, only those local to the headquarters survive the layoffs.
My point is that norms can shift without big company announcements so long as companies don't actively prevent them.
I do think this is going to become a big deal for people as they consider current and future jobs. It's probably also going to be a big issue for onboarding junior people.