If we needed any more evidence the way to lower costs in the long term is building more housing. Supply and demand works people!
It's a combination of AirBNB being unable to illegally occupy housing, and the ultra-wealthy having a fear of urban density contagion. Demand is basically unchanged over the last 6 months, and the housing that exists is basically unchanged over the last 6 months, and yet prices are finally falling.
It's got basically nothing to do with "supply and demand" for cities (unless your definition of "demand" is so loose as to include literally anything that might impact a pricetag).
I'm calling major BS unless you can back that up with a source. This article talks about the major exodus in NYC: https://therealdeal.com/2020/06/02/new-yorkers-exodus-could-...
Construction didn't stop due to the virus. What did happen was that all the employment gains of the last 12 years were lost. Fewer dollars chasing the same amount of real estate led to lower prices.
Money flooding into an area is obviously going to cause rents to increase as well as incentivize developers to build more to capture some of that moolah as there's more demand for housing.
Money flooding out of the area is going to cause both rents to immediately decrease, as well as decrease the incentive to build more housing, because the demand is gone.