I fully agree with @ben_rog – among other things a drop in real estate prices is a wealth transfer from the old to the young. When I moved to New York in the late 1970s and early 1980s, everyone knew that New York was dying and that...
https://www.ft.com/content/d4fff7a2-9b63-11ea-871b-edeb99a20c6e via @financialtimes

...anyone who could afford to leave was fleeing the city forever. I moved there anyway because what attracted me to Manhattan was something else altogether, and in retrospect I was incredibly lucky: this turned out to be one of the most exciting times for...

...music, art, literature, and night life, with young artists and creative types from around the world flocking into the Lower East Side, where I lived, in which rents were incredibly cheap and talent everywhere.

Burt now young artists, thinkers and creators can no longer...

...afford much of New York. That’s why I think that if Covid-19 causes businesses and the more settled to move out of the centers of cities like New York, London, Berlin, San Francisco and Chicago, so that rents drop sharply, that would be great for them. These cities are not...

...important because of their headquarter status or their trophy real estate, but rather because of their roles in promoting culture and creativity.