I think I know one couple who stayed in the city and they were very well off.
Those that might have been thinking of enrolling their children in private schools can do so more affordably outside of NYC. As an example, most top tier private school base tuition in the city is around $55K/year/child (not including "suggested donations") while most great private schools outside of the city are sub-$30K/year/child.
>>I think I know one couple who stayed in the city and they were very well off.
Public school is an option too, as long as one can navigate the byzantine DOE processes. From a housing/apartment perspective, if more people flee the city then there is a delicate balance where prices may come down for families to once again find them more affordable.
I totally agree and I'm sure the data supports it but before covid every brewery in Austin was packed with families. I actually stopped visiting many during the weekends because there would be dozens of loud kids with tired and defeated parents drinking nearby. It was annoying.
If kids really annoy you that much, you might be the perfect candidate for moving to a city where having kids is actually difficult or expensive.
I was disagreeing more with the extreme opinion that some have that remote work would cause these cities to become desolate. Would some tech workers leave? Definitely! Would they all leave? I doubt it.
The current exodus is people realizing that they don't need to pay city prices if they're not able to benefit from city living.
If the virus ends up being an issue that can be resolved in months (Which I highly doubt), I could see a comeback relatively soon. But every month this drags on, more and more businesses that make city living great will go bankrupt, making city living less desirable, and it'll create a negative feedback loop that will take years to recover from.
Add that to the thousands of layoffs at startups over the last few months (and a presumed hiring slowdown), as well as thousands of H1B holders who are reassessing life choices. There could be a serious shift in housing supply and demand in the bay area. Oh let's also not forget the huge impact the pandemic is having on the service and hospitality industries.
I think we could see a long-term reversal of the trend of 15% annual rent increase in SF.
I'd actually argue that one thing that has changed is that companies are much more amenable to at least part-time work from home. I agree the economic forces that have concentrated wealth and opportunity in cities hasn't and isn't changing, but I do think it will be much more viable for people to work at jobs where they only go in to the office, say, twice a week. In that situation I think a lot of people would be much more willing to live further out because traffic (a punishing factor in most cities) then becomes much less of an issue.
If I work just every other day in the office then my commute time per day is 30 minutes one way effectively. In that sense, my suburb is moving closer to the city.
I also think there is a wider periodic trend of moving from cities and closer to nature and vice versa, which has (at least in Europe) been in the from-the-city phase for several years now.
I did it maybe half the time for about a year and a half but it really wasn't sustainable long term. I don't work out of an office today but I really wouldn't mind going into our downtown office once a week or so.
I really don't think there's enough evidence to say the change is on the direction of people abandoning cities (but the largest ones already slowed down their growth to a minimum). But it's unreasonable to expect the COVID changes to be undone. Things change slowly because people resist changes; but once they change, people will resist reverting them.
Other than being unable to do anything social and a large portion of restaurants/cultural opportunities are ceasing to exist?
I'm not paying $4000/month to get lukewarm food delivered at 20% markup.