The pandemic accomplished in 10 months what internet technologies have been promising for decades: a shift away from high-cost cities as the dominant centers of workforce talent and business activity. It's a shock that's just beginning to reverberate through the system.
Apartment rents in high-cost metro areas like San Francisco, New York, Boston and Seattle have fallen more than 20% compared with pre-pandemic levels, while rents have actually risen modestly in low-cost areas like Albuquerque, New Mexico and Fresno, California. Narratives have sprung up about the future of the technology industry being in places like Austin, Texas, or even Miami.
