Will permanent work at home changes effect CA prices?

[Ken Virzi]

Facebook announced that they will permanently move to a remote workforce even after Covid passes. Other companies are also making such changes and announcements. I saw this coming since it would save companies a lot of money and if they saw no drop in productivity through this season, they would have plenty of incentive to make the shift.

With a remote work force, many employees currently in Silicon Valley will likely move. Silicon Valley is not that great of a place and these guys who live there work non stop anyway. You will have savers who move to a cheaper state to increase their buying power, there will be those who travel and work from Thailand etc, there are those who will go home. If they moved for the job they might want to move back to the midwest or the south etc. 

The effect could be a slight exodus in the area (nothing dramatic), but wondering if that will put some downward pressure on that market? Also with gaming companies and space X etc in LA, the remote shift will manifest differently and have a different effect. I could see Silicon Valley employees leaving for Southern CA life for example, providing a seller for the Nor Cal market and a buyer for So Cal. This could also continue to effect places like Oregon and Texas and Arizona as the Californians drive up housing prices in these locations due to movement from the golden state. 

Other incentives to leave include taxes, gas prices, and restrictive policies. Of course, I think it is the best place in the World still and it is home so I am sticking in LA through the worst of it all. 

How could you see a shift to a remote workforce in tech effect housing markets?