I'm still not convinced. Sure, the media sensationalizes things for profit, but that doesn't mean there isn't a kernel of truth to it.
The SF Bay Area is what I know well and pay attention to. I know very little about NYC or other major metro markets so take the following with that caveat in mind.
IMO, long term effects come down to three things: jobs, jobs, and jobs. People came to the Bay Area primarily for the jobs. Then they started leaving when given the option of working remotely. So whatever happens with these jobs (continued remote work, or back in the physical office) will largely determine the durability of the shift. People put up with a lot of shit (literally and figuratively) in exchange for high compensation. Somewhere around 50% of people in the Bay Area said they wanted to relocate elsewhere before the pandemic hit.
Anecdotally, we were some of those people. Our new-to-us house was in contract when everything hit the fan last March. Traffic, cost of living, low crime, good food, clean streets and parks, mountain biking, fishing, hiking, hunting, quick access to affordable skiing... our quality of life after moving has significantly improved for a fraction of the cost. The only thing I can point to that may be a negative for some is the four season climate. Yet we love the variability and don't find it at all disagreeable. I'm honestly a little perplexed after years of hearing transplants to CA complain about winter climates. Really now, what's the big deal? Put on some layers, push a little snow off the slidewalk, and enjoy the beautiful winter wonderland.
But that's just me, and maybe I'm completely wrong. Wouldn't be the first time :) If you're convinced that it's all overblown then it should be a great time to pick up some multi-family rental properties at a discount. Heck, in a way I hope I'm wrong as it would relieve some of the demand driving up prices in my new city.