That’s what I thought too. These young people are between age 20 and 30. Many haven’t yet had children or married or settled down. Give them a few years, and when children come along, they will want a suburban environment to raise their kids.
Anecdotal evidence for years has been that people move out of the cities when they have kids. Of those who remain in the city after having babies, many will move by the time the kids start school.
So I figure Generation Y will probably follow the same trends. As they have kids and get married, big numbers will want the traditional house with a backyard, similar to what they themselves grew up with.
Yes, the basements are enough.
These young people are between age 20 and 30. Many haven’t yet had children or married or settled down. Many don't have jobs and live with Mommy and Daddy. But hey, they'll make it easy for my grandkids to clean-up (well, except for one of them).