patrick.net

https://www.zerohedge.com/markets/strangest-downturn-bay-area-rents-collapse-people-flee-suburbs

Readers may recall, as early as March, city dwellers in California fled to suburbs and remote areas to isolate from the virus pandemic. The proliferation of remote work arrangements has led this shift to become more permanent.

At first, the exodus out of the city was due to virus-related lockdowns, then social unrest, and now it appears a steady flow of folks are leaving the San Francisco Bay Area for rural communities as their flexible work environment (i.e., remote access) allows them to work from anywhere, more specifically, outside city centers where the cost of living is a whole lot cheaper.

Bloomberg notes, citing a new report from rental website Zumper, the latest emigration trend out of the Bay Area has resulted in rents for a San Francisco one-bedroom apartment to plunge 12% in June compared with last year, which is one of the most significant monthly declines on record. ...

"Silicon Valley hubs such as Mountain View and Palo Alto also saw rents plunge -- a sign residents of the tech-heavy region are taking advantage of remote work arrangements to flee to cheaper areas," Bloomberg said. ...

"Your landlord, given the widespread nature of the job loss, actually does have an incentive to negotiate a lower rent with you," said senior Zillow economist Skyler Olsen.

San Francisco could begin to recover by putting back the statue of Columbus first of all, a gift from their own Italian community. They won't though, not until the liberals have completely driven away all sane people and destroyed every business in the city. It will be interesting to see how much further San Francisco will slide downhill before turning around. Maybe not in our lifetimes.

If I owned any real estate in SF, I would sell now.