In addition to the exodus from New York, see article below, there is also an exodus from San Francisco, as described in the following article:
Investors in cities like San Francisco and New York often believe that values can never go down. They will invest in such cities even though cash flow is negative because of this belief that the cities will always prosper.
To some extent, foreign buyers tend to buy in the largest metros like New York, keeping values up even when rents don’t support such high valuations. Such cities have name recognition outside of the country and there are international flights to these cities, making them the first stop for people from other countries.
But right now isn’t a good time to take risks in cities like New York and San Francisco. When workers can work from anywhere, why live somewhere that is crowded and expensive? During COVID, eateries and cultural attractions are shut down. Without those, it is natural to want to get away from high density locations, particularly during a pandemic.
There are much more pleasant locations nearby, like Palm Springs. And many tech workers don’t even need to be nearby. They just need high speed Internet.