Isn't that by definition false? If living here was worth less, rents and home prices would drop. Sure, rents dipped quite a bit during the pandemic, but they've recovered somewhat, possibly completely. Home prices didn't change much. And yes, I know that these costs are propped up by things like zoning, the city planning process, NIMBYism, etc., but that doesn't really matter: there's still -- somehow -- enough demand to keep prices as high as they are.

(Bias: I bought a condo in the Dogpatch in 2020, right before the pandemic hit. I've been really happy with our QOL since moving, even during the pandemic. The neighborhood has mostly recovered, with only a few businesses closing permanently.)