Rents might come down due to a reduction in demand, but that demand is part of what makes SF / NYC desirable places to live.
For example, part of what make SF or NYC a desirable location for opening a restaurant or bar (despite the high rents) are the respective cities proximity to high income wage earners and companies.
Take those factors away and the superstar cities of the world (NYC, London, etc.) become as desirable as your average city in the middle of the country.
For example, part of what make SF or NYC a desirable location for opening a restaurant or bar (despite the high rents) are the respective cities proximity to high income wage earners and companies.
Take those factors away and the superstar cities of the world (NYC, London, etc.) become as desirable as your average city in the middle of the country.