This makes sense to me, but my impression (not backed by hard data mind you, just years of glancing at housing prices) is that the step increase in remote work triggered by COVID simply caused housing (i.e., residential space) prices to skyrocket in most places relative to their pre-COVID trends, surely due in part to the sudden influx of people who could make longer or no commutes work for their remote jobs. Metropolitan rents did see a temporary drop that lasted through something like mid-2020 through mid-2021, but housing prices continue to set all-time highs.