This is not all that surprising:
It is not surprising for at least two reasons:
- We knew that central banks would tighten the money supply at some point and that it would have a negative impact on asset prices.
- Many of us believed that a lot of people were making a somewhat long-term decision (flee the city) because of something that would ultimately prove to be short-term dislocation (a ~2 year health crisis).
So one of the things I think you can glean from Daniel’s tweet is that our best urban centers are resilient. Notwithstanding the fact that we have things like Zoom and previous pandemic-suffering generations did not, the core value propositions associated with centralizing in cities hasn’t gone away.