The use of "would" is correct: it indicates future-in-the-past. " places the viewpoint in the past. Then, "it would be" looks forward to the future from that past viewpoint.
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AnonymousI thought words like would/could/should had no tenseAlthough in this particular example it makes sense to think of "would" as a past tense of "will", there are other uses of the word "would" where this isn't really the case.