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this post was submitted on 11 Feb 2024
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Most of the buildings were talking about are made to accommodate stricter codes already. The problem isn't really at all the cost of retrofitting them, so much as it is the lower rent/sf price they can charge for it.
Everything else you mentioned is fair, but the only reason people would rather leave urban centers if they don't need to be there is the cost of living there. No matter how you slice it, the biggest obstacle to dense residential city centers is the established expectation of higher ROI on the space and the over-leveraged building owners who can't afford to charge less for risk of defaulting on their properties.
In the end, it's about bailing out the rich. They should have diversified their bets away from commercial real estate.
Covid mashed fast forward, but remote knowledge work was a thing before it. It was a foreseeable risk, even just from guessing normal rich people motivations: once the San Francisco crowd figured out they could cast a bigger net for talent, AND pay lower-cost-of-living city salaries to them, it was going to spread.