There's huge pent-up demand among wealthy foreigners to buy property in New York, Los Angeles, San Francisco and other cities — and some people began calling their money managers as soon as Joe Biden's victory was announced. Why it matters: Cities whose economies are withering under the coronavirus may see a fresh jolt of life from the high-end real estate sector in 2021 and beyond, with money from abroad creating new jobs and business opportunities. Driving the news: It's been a terrible year for commercial real estate.