It’s not just commercial real estate but selfishly on a personal level too.

Like a family home in Bay Area is 2-3M. Lots of other places in California with better weather and houses closer to 1M. The primary reason the area supports such high housing costs is the density of high paying jobs that require in office somewhere in the bay.

Without RTO, all the managers with property in the bay get skittish that a great exodus will happen from the Bay Area like SF in covid and their house won’t appreciate 10-20% a year