We've currently got an extended period of time ahead, where we'll have to learn to do without a lot of the cultural opportunities that come with city life.

A lot will depend on how much and how rapidly lockdown can be eased. If we spend 18-24 months without many of the benefits/opportunities of city life, or at least with those opportunities significantly diminished, culture will rapidly shift to different models - and those are likely more location independent.

And yes, of course rent is a supply/demand question, but the current experience is "the rent is too damn high", and that puts a certain amount of pressure on city living. Take away enough upsides, and it's not worth it any more.

Rent might drop as a result, but it will be a lagging indicator of cities becoming unpopular.

At the same time, closeness to social groups is being valued higher, because we're currently learning that a lonely/isolated life is not a good life. And, like any traumatic event, we're also learning that a supportive community matters, a lot.

You seem to assume that current forces and values hold, despite a global traumatic event. I think that we're in for a complete change of the landscape. The future will tell.