Assuming people aren't going to be dragged back to FT in the office, they're probably not going to do lunch shopping with additional commuting expenses. So it's up to city leadership to figure out how to do and pay for (or get the cash to pay for) recreating city living. I think people can be dragged back from suburbia if there's a real urban community with places to live, eat, shop and yeah, work. On-foot commuting isn't so bad on the environment and it's positively wonderful on a Spring or Fall day (see Montreal).
Is there the political will to do this? Not sure, and certainly not in a "f*ck you I got mine" climate. The alternative is Detroit and places like that when it's bulldoze and start anew.