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When you have basic housing that costs 7 figures while being reliant on tech jobs that can easily be done from anywhere, your city should see an exodus.
Manufacturing cities in the rust belt have been having the same problems for decades due to automation and foreign competition, and no one did anything.
Why would I want to live somewhere where I’ll be spending a major portion of my life driving in and out of work? Suburban sprawl and lack of good public transportation just makes these concrete jungles unappealing.