Peel the onion one step farther. Suppose there is a major dissolution to remote work due to ongoing pandemic conditions. Workers then flee to the suburbs, where they can get the square footage they need at an affordable price, and where the penalty of the long commute no longer exists.
A few holdouts remain, because they (as the article states) enjoy the activity of the urban life.
But wait! Then the corporation, who no longer needs the same square footage they needed before, what with all the remote workers, thinks “Why am I spending all this money for prime real estate than I no longer need??” The corporation then also moves to cheaper real estate, probably close to a transportation hub like an airport in a reasonably priced area (think Denver, Houston, Dallas, Austin).
And of course, the urban dwellers who loved the action of the city find that the action of the city is no more.
Prices for urban properties crash due to oversupply, and……