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this post was submitted on 11 Feb 2024
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In the end, it's about bailing out the rich. They should have diversified their bets away from commercial real estate.
Covid mashed fast forward, but remote knowledge work was a thing before it. It was a foreseeable risk, even just from guessing normal rich people motivations: once the San Francisco crowd figured out they could cast a bigger net for talent, AND pay lower-cost-of-living city salaries to them, it was going to spread.