Pstarr - That's been going on in Houston for some years now. But the problem here (and probably in a lot of other areas) is that there's not any thing close to enough room to accommodate very many in town compared to the numbers in the burgs. And then there's the cost: a 4 or 5 member family living in an 1,800 sq ft home in the burgs that cost $150k would have to pay 2X to 3X that much for the same space in town. Or cram all 5 of them into a 2 br 700 sq ft condo. And in Houston even if you live downtown this is a very difficult city to function in without a car. Not sure how common it is elsewhere but much of suburban Houston is fairly self-sufficient communities. IOW the vast majority of folks in Harris county don't commute to d/t Houston to work. In fact for some years big employers, like ExxonMobil and Anadarko, have been relocating there offices to the burgs. So tens of thousands of jobs have moved away from the central city. IOW Houston ain't NYC. LOL.
And then there's the obvious problem: if there were a significant rush for a lot of folks to abandon the burgs how much equity would those folks lose when there are few buyers for those homes? Such ideas always seem sensible...until you start running the total economics on such plans.