After reading a lot of replies in this thread, I think people are thinking way too small. As another commenter points out, we need to zoom out quite a bit more.
SF, for example, was a popular place to live before it was a tech hub. Even if all the companies go away (they won't), there will still be plenty of demand. Maybe it will be a healthier sort of demand that doesn't push lower-income residents out of their homes. But there will still be demand, and it will grow as COVID becomes further behind us.
For a lot of the people who moved back in with their parents, I think social circles will be an important factor. I know if I'd moved away, I'd be anxious to see my friends again, and live close to them. That doesn't mean everyone will end up back where they started, but some will. Others might band together and pick a new, smaller city or town to live in. Some social circles won't get back together, and some will split into new combinations. Some might see it as an opportunity to move to a new city where some old friends have lived for years. Still others might decide to stay with their parents, especially if they're older and may not be around much longer.
Also consider that only something like 30% or 40% of the workforce has been working from home during COVID. Everyone else works in restaurants, bars, state and local government agencies, retail and grocery stores, hospitals, universities, and a host of other things that require a physical presence everywhere. There's no "grocery hub" like there's a "tech hub" or "entertainment hub". Every city and town needs a hospital or clinic and people to staff it, telemedicine notwithstanding. Those professions will continue to grow with the US's population, which will drive more demand everywhere, including cities.
SF, for example, was a popular place to live before it was a tech hub. Even if all the companies go away (they won't), there will still be plenty of demand. Maybe it will be a healthier sort of demand that doesn't push lower-income residents out of their homes. But there will still be demand, and it will grow as COVID becomes further behind us.
For a lot of the people who moved back in with their parents, I think social circles will be an important factor. I know if I'd moved away, I'd be anxious to see my friends again, and live close to them. That doesn't mean everyone will end up back where they started, but some will. Others might band together and pick a new, smaller city or town to live in. Some social circles won't get back together, and some will split into new combinations. Some might see it as an opportunity to move to a new city where some old friends have lived for years. Still others might decide to stay with their parents, especially if they're older and may not be around much longer.
Also consider that only something like 30% or 40% of the workforce has been working from home during COVID. Everyone else works in restaurants, bars, state and local government agencies, retail and grocery stores, hospitals, universities, and a host of other things that require a physical presence everywhere. There's no "grocery hub" like there's a "tech hub" or "entertainment hub". Every city and town needs a hospital or clinic and people to staff it, telemedicine notwithstanding. Those professions will continue to grow with the US's population, which will drive more demand everywhere, including cities.