I'm not sure that is completely true. In the Washington DC area people were happy to move further out during the pandemic because they could work remotely.
But now that return to office mandates are back, people have to live closer to their offices. Or they get fired.
They are forced into a limited housing market that they would otherwise not want. And the housing market continues to be artificially inflated because of these mandates.
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Not to mention there are plenty of empty/abandoned housing spaces and an over abundance of short term rental properties these days. We don't need more space for building. We need to utilize the space already built upon.
In DC was have half-empty luxury high rises and they keep building more. So they need to find ways to force people to live there.
Yeah. I don't think many people (at least over the age of 30) live in places like London or New York because of how fab the city life and community is. Yes, some really enjoy it. Some have had a lot of success and are professionally motivated. But most are being held hostage by employers or business needs and would move to smaller communities given the opportunity.
Well, yeah, you need/want to live close to where you work to minimize the commute. You can always live 2hrs away, but who wants that commute? People are happy to pay extra to live in town.
Victor's point is good, and I think you're all supporting it. Individual choices make the market.
I'm hearing a lot of talk about being held hostage by employers and companies, but that is a choice. Individuals are choosing to go back to the office. They are choosing to live in the cities where the employer operates. It's all choices
Expensive away from town too thanks to remote work. At least in part.
