Unless startups with remote talent can't get funding, because investors look at big companies and thinking that if Uber, Apple, Amazon, Meta, Google think having in-office employees is better, there must be a good reason for it.
Most of the RTO reasons barely make sense for investors investing in startups, but may for established companies. Things like this RTO push rarely happen without a reason.
Off the top of my head:
- tax cuts if you're operating in a certain area, maybe even historical ones, political connections like - legacy of lobbying local politicians in said area to get some benefit
- conflict of interest from the owners (private or major shareholders) also somehow owning commercial real estate or businesses that rely on its vitality
- management having reasons to prefer RTO: simple preference for in-person management, fear of loss of control or being perceived as useless, misalignment with a personal-connections-over-merit advancement; these things are mostly misaligned with the owners' interests
But I don't know if that's how investors think?