While increasing their employees home-space needs. People will need bigger houses and apartments if everyone is going to work from home long-term.
Being able to work from home long term means not being tied to ultra-premium land for your private space. Not eating up the externality of your company deciding to hire 10s of thousands more workers in your already crammed city, not being forced to choose between the externality of longer commute time or inflated, subpar housing services.
If everyone, all at once, starts working from home and avoiding offices, it is reasonable to assume that some of that office space will need to be re-created in houses, which will increase the necessary size for houses. Things like the average size of a new house and the average amenities people include (an extra office, an extra bathroom, a separated "play area", mesh wi-fi friendly, etc.).
That's enough to purchase a full on mansion here in Louisiana.
Another important discussion along those lines is the availability of fast, reliable internet.
Being forced to purchase a larger living space because a company decides to go remote is transferring a business cost to the employee. The same goes for being forced to move to a different neighborhood with land that is "plentiful and cheap" because you can't afford to buy a bigger place in your current neighborhood.
I don't know that your desire matches with the majority of people living in a big city. I mean, I'm sure there are lots of people who do like living there, but there are also lots of people who have moved from elsewhere to big cities specifically for job opportunities. Being in a big city has its advantages (jobs, access to more specialized businesses and ammenities) but also its costs (crime, lack of natural beauty, etc.).
I think you may find that, after everyone who wanted to leave the city can, the costs for those who want to remain might settle down.
20% want to work from home permanently
20% want to get back to the office full time
60% want flexibility somewhere in between
Personally, I think the specific breakdown is less important than companies realizing that letting people be remote can improve work/life balance, reduces office space needs, and they have most of the infrastructure to support it.
As an industry, we still need to figure out mentorship and career development for remote/partially-remote teams, but I'm optimistic on that front.