In the Bay Area, people are leaving San Francisco and other metropolitan/downtown areas for everything from nearby suburbs to the nearby mountains (Tahoe) to out-of-state locations. If you live in San Francisco, you likely live in an apartment or condo, and the thought of living there while changing to WFH is probably not that attractive. Just not a lot of square footage, and if you're in a relationship, it's even tighter. Not a lot of homes in SF, and those that are there are coin. There's also a ton of money here. Salesforce, Uber, AIRBNB, Snowflake, etc. has made a lot of millionaires able to put giant down payments on homes, if not pay all cash. What was $800/sf two years ago is now going for $1,200/sf. It's insane. And the impact is not localized. COVID, along with the Bay Area economy, has impacted all of northern California and probably southern too.
My friends - personal and work - and I talk about what's going on pretty frequently. We think we're in the midst of a cultural change. I'm not convinced age groups will embrace whatever they embraced two years ago.