In some ways it’s very similar to other large decisions being undertaken, at least anecdotally, in droves as a result of covid, e.g. people leaving cities like NY for suburban and even rural homes which are completely non-commutable. That sort of thing. I wonder how long that stuff will stick. Maybe once they figure out that they can’t get a gyro at 3 a.m.
My bet is that when the dust settles on this cycle, the applications will be (very) high and admit rates correspondingly lower. But that the subsequent cycle will be back to normal or close to it. Interesting for sure.