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Not enough to change the broad shape of the problem, because despite the word “plummet” the number of people leaving in net is not big enoughbto make much difference to the huge supply problem. The 2021 drop was less than half a percent of population.

Also, when you look at both sides of migration, the in-migrants are richer and less price sensitive than the out-migrants, so, they put disproportionate pressure on prices for the remaining non-rich, mitigating the demand effects of net out-migration.

Vacant homes held as investment/ properties built for the wrong market (for example: high-end, luxury, when demand warrants multi-family, middle income) can unfortunately keep general availability low and prices high.

It has at least in the Bay Area. Rent and Home prices in many places have been flat.

Most people leaving probably aren’t homeowners.