>Simply speaking, my gut tells me this isn't just about San Francisco.

It's not. I live in the Northeast and it seems like every day on the local news there is a story about businesses and residents fleeing NYC. 5 months of WFH (and knowing a lot of people personally touched by Covid) is starting to reshape a lot of attitudes about what is really important in life. It's also opened a lot of eyes to the fact that company culture and organizational inertia were the main impediments to remote work, not technology. I don't think the genie can be put back in the bottle.