Markets, Rent and WFH

Re:Markets, Rent and WFH by akamia on Thursday July 02, 2020 @12:55PM (#23715247)

I've noticed the same thing and especially in tech. I have a few friends who are engineers and have this idea that if everyone went completely remote, cities would clear out as everyone rushed to buy acres of land in the country. I always find it a bit funny that these friends are also the ones who seem to have the most city oriented lives. They are going out to bars and restaurants all the time. They get their coffee from local artisanal coffee roasters and their beer from the many local microbreweries. They don't seem to recognize that the cities they think people want to flee offer more than just career opportunities.

[ Parent | on HN ]

Re:Markets, Rent and WFH by xyzzyz on Thursday July 02, 2020 @01:00PM (#23715296)

They are most likely also childless. When you have young children, your demand for fancy restaurants, artisanal coffee roasters and visiting local microbreweries diminishes, as there are now more things that occupy your time and attention, and are not very conducive for above-mentioned entertainment venues. The trend of delayed or foregone childbearing is also contributing to increase in interest in urban life.

[ Parent | on HN ]

Re:Markets, Rent and WFH by ghaff on Thursday July 02, 2020 @01:15PM (#23715482)

With very few exceptions, most of my cohort who went to NYC after graduation to work in finance moved to a suburban bedroom community around the time they had kids--or at least by the time the kids were going to need school. The alternative as they saw it was to upgrade their expensive Manhattan apartment or condo and to enroll their kid in an expensive private school.

I think I know one couple who stayed in the city and they were very well off.

[ Parent | on HN ]

Re:Markets, Rent and WFH by otoburb on Thursday July 02, 2020 @01:47PM (#23715931)

>>The alternative as they saw it was to upgrade their expensive Manhattan apartment or condo and to enroll their kid in an expensive private school.

Those that might have been thinking of enrolling their children in private schools can do so more affordably outside of NYC. As an example, most top tier private school base tuition in the city is around $55K/year/child (not including "suggested donations") while most great private schools outside of the city are sub-$30K/year/child.

>>I think I know one couple who stayed in the city and they were very well off.

Public school is an option too, as long as one can navigate the byzantine DOE processes. From a housing/apartment perspective, if more people flee the city then there is a delicate balance where prices may come down for families to once again find them more affordable.

[ Parent | on HN ]

Re:Markets, Rent and WFH by departure on Thursday July 02, 2020 @01:26PM (#23715682)

>When you have young children, your demand for... visiting local microbreweries diminishes, as there are now more things that occupy your time and attention

I totally agree and I'm sure the data supports it but before covid every brewery in Austin was packed with families. I actually stopped visiting many during the weekends because there would be dozens of loud kids with tired and defeated parents drinking nearby. It was annoying.

[ Parent | on HN ]

Re:Markets, Rent and WFH by ballenf on Thursday July 02, 2020 @02:17PM (#23716280)

Austin is the kind of city that families move to after having kids. A microbrewery in Austin most likely has minivan parking and stacks of kids' high chairs.

If kids really annoy you that much, you might be the perfect candidate for moving to a city where having kids is actually difficult or expensive.

[ Parent | on HN ]

Re:Markets, Rent and WFH by seangrogg on Thursday July 02, 2020 @02:05PM (#23716151)

While I share the sentiment that tech workers would likely leave tech hubs that doesn't mean they'd do it for homes in the country. There are plenty of other cities to choose from whose values may resonate stronger with them than SF/NYC/etc.

[ Parent | on HN ]

Re:Markets, Rent and WFH by akamia on Thursday July 02, 2020 @02:26PM (#23716382)

I can definitely see that happening more often. If you're not required to be in a certain office location, that opens up a lot of options for other cities.

I was disagreeing more with the extreme opinion that some have that remote work would cause these cities to become desolate. Would some tech workers leave? Definitely! Would they all leave? I doubt it.

[ Parent | on HN ]

Re:Markets, Rent and WFH by ProfessorLayton on Thursday July 02, 2020 @01:06PM (#23715360)

That's a great point, however, bars, restaurants, and artisanal coffee shops are the exact types of city amenities that are being devastated by the pandemic!

The current exodus is people realizing that they don't need to pay city prices if they're not able to benefit from city living.

If the virus ends up being an issue that can be resolved in months (Which I highly doubt), I could see a comeback relatively soon. But every month this drags on, more and more businesses that make city living great will go bankrupt, making city living less desirable, and it'll create a negative feedback loop that will take years to recover from.

[ Parent | on HN ]