My assumption is that a large percentage of the people who fled NYC/SF in March 2020 are either 1) going to miss the city once it fully reopens and they remember why they lived there in the first place; or 2) their "remote forever" job is actually going to become hybrid and they won't want the 2 hour commute.

Probably not. The majority of the tenants in my building are young professionals and empty nesters. Families with children come through but are gone after a year. Once you're on that track it's very hard to go back to city living. Space is at a premium and kids need space for 18 years. I assume the suburbs are made of people that love suburb living (so much space!) and people with children.

Outside of finance and government there isn't a large sector in most cities. Most businesses are in cheaper, suburban office parks. So beyond the social and cultural aspects there aren't that many advantages to city living, IMO.

I'm sure some people will return to cities, but I feel that many will remain in the suburbs. To me, one of the pieces of this surge in prices is due to millenials reaching prime homebuying age. But millenials are also at prime ages for starting and raising families, so I suspect many will prefer to keep the larger size of their suburban homes.