The Flight of the Techies | Wolf Street

Viewed a certain way, life resembles a Vegas sports book its dramas have at least a few winners; not everyone loses. Covid-19 is no exception. The airline industry is on the tarmac, but RVs have never been in greater demand. Public transportation has a flat tire, yet bicycles can t be found for love or money. Pharmaceuticals have skyrocketed, while the oil & gas industry is a dry well.

Real estate has its front page winners and losers Amazon distribution centers on the one hand, enclosed malls on the other but, unlike many industries, the where, as opposed to the what, often determines real estate s victors and victims. It doesn t matter where casinos are they re all crapping out. But, unlike gambling, the demand for housing is relatively constant; not everyone can move into their mother s basement. The question is: Where is that demand?

It s neither in San Francisco nor Silicon Valley, nor, one suspects, in any of the darling coastal cities that were secular meccas until the virus hit.

via wolfstreet.com