> My complaint about all these articles is prices have barely changed in NY and SF but they all like to proclaim some huge shift. Every time I check to see if there really are major discounts and I’m disappointed.

From my searching in NYC prices, it seems like this is happening not in average prices but in the bottom of the market, and within specific neighborhoods. West Village prices aren't going to drop, but some places like say Astoria, Gowanus, Williamsburg, Greenpoint, and the like are going to have more decent places hit some record lows. I recently found a place 5 blocks from me that was 1.2K cheaper a month. Yes, it lacked some amenities and the location is worse, but that type of gap would have never existed pre-pandemic.

I know someone who explicitly moved into my neighborhood off of one of these deals, and without it they would have been in a much cheaper neighborhood. I suspect that type of movement is going to have ripple effects into outer borough pricing which could then make cheaper space.

I think we also are still not done seeing the shoe fall. These moves take time, even if already planned. The sublet market is going to shit in most cities on the seller side, which won't be reflected until those leases end. West Village prices might not fall in 2020, but they may in 2021. As time goes on with this pandemic, we also have to factor in that stagnation can also effectively be a drop.