San Fran apt rent prices are dropping as tech embraces remote work

[Counselor706]

New monthly data from apartment rental platform Zumper shows San Francisco rents were down nearly 12% year over year in June, making the city’s decline the largest in the nation, and a record slide for San Francisco. It’s also the second consecutive month San Francisco rental prices have dropped, says the company, which based these statistics on 9,000 listings in San Francisco.

“Zumper has been tracking rent prices across the country for over five years but we have never seen the market fluctuate quite like this,” says Zumper co-founder and CEO Anthemos Georgiades. “For example, rent prices in San Francisco have historically only gone up and typically only incrementally, yet now we are seeing double-digit percent rent reductions. This is unprecedented for this generation of renters.”

The new numbers reflect prices in June, just weeks after Twitter and Facebook announced many employees currently working from home during the coronavirus pandemic could continue to do so permanently. As many tech workers in San Francisco mull their newfound geographic freedom, Georgiades says, the city’s real estate market is rapidly changing.

“The jump in inventory in San Francisco may indicate less desire for homes in the expensive urban center as buyers envision a permanent shift towards remote work and seek out larger homes and affordability further from the city,” says Bokhari.

Source

 

[FlowersForFun]

Yea it's remote working........

I'm sure it has NOTHING to do with the bay area being a total fucking shit hole.

 

[HisArpy]

Yea it's remote working........

I'm sure it has NOTHING to do with the bay area being a total fucking shit hole.

Or the fact that people are FLEEING the State by the millions.

 

[Adre]

Facts matter:

California had a population of 39.78 million as of January, the state Department of Finance said, down from its previous report of 39.96 million residents in July.

But Doug Kuczynski of the department's Demographic Research Unit said the two numbers aren't directly comparable because of various adjustments and because each figure represents a point in time. By the department's reckoning, California added about 87,500 residents during the last full calendar year, comparing January-to-January figures.

 

[nonuthin]

Facts matter:

California had a population of 39.78 million as of January, the state Department of Finance said, down from its previous report of 39.96 million residents in July.

But Doug Kuczynski of the department's Demographic Research Unit said the two numbers aren't directly comparable because of various adjustments and because each figure represents a point in time. By the department's reckoning, California added about 87,500 residents during the last full calendar year, comparing January-to-January figures.

^^^Fake NOOSE

 

[HisArpy]

Facts matter:

California had a population of 39.78 million as of January, the state Department of Finance said, down from its previous report of 39.96 million residents in July.

But Doug Kuczynski of the department's Demographic Research Unit said the two numbers aren't directly comparable because of various adjustments and because each figure represents a point in time. By the department's reckoning, California added about 87,500 residents during the last full calendar year, comparing January-to-January figures.

Sure, whatever you say.

https://pressfrom.info/us/news/offb...-droves-and-this-is-where-they-are-going.html

 

[Adre]

Sure, whatever you say.

https://pressfrom.info/us/news/offb...-droves-and-this-is-where-they-are-going.html

So first it was MILLIONS, then it became droves? I see. Are you this loose with language in court?

 

[nonuthin]

Sure, whatever you say.

https://pressfrom.info/us/news/offb...-droves-and-this-is-where-they-are-going.html

Poor Drecky, he actually "believes" stats on Ca from CA

 

[HisArpy]

So first it was MILLIONS, then it became droves? I see. Are you this loose with language in court?

It's not my fault your bullshit narrative was destroyed by FACTS. Try googling for the demographc shift in California and you'll quickly discover that over the past decade California is LOSING approx 100K middle income people every year on average and replacing them with low income/subsidized workers.

If middle class Californians are leaving and low income/unemployed immigrants are arriving to replace them, OF FUCKING COURSE the rent is going to go down. And as the rent plunges while the taxes go up, the properties go up for sale and even MORE middle class flee.

 

[hogjack]

Rent prices fluctuate. That's the nature of capitalism and free markets.

 

[Adre]

Or the fact that people are FLEEING the State by the millions.

Here’s YOUR “fact.”

 

[nonuthin]

Here’s YOUR “fact.”

^^^Drecky....real Americans...smart and with high paying jobs LEAVE....Dreckys elk, the losers and moochers move in

 

[HisArpy]

Here’s YOUR “fact.”

dudly, over the past decade, California has LOST over 1 million residents to other States.

Look it up. IIRC the LA Times did a story on it.

 

[hogjack]

Why leave San Francisco? Sure it's pricey but free public toilets (aka streets) are a bonus.

 

[islandman]

Yea it's remote working........

I'm sure it has NOTHING to do with the bay area being a total fucking shit hole.

Did it suddenly become a shit hole sometime in the last 4 months? If yes, that would be an impressive feat of local government.

 

[PaxNurgle]

It's more complicated than that. The Bay Area is a desirable place to live in general.

Some parts of it are more desirable than others though. And the real issue is, very few can afford the desirable, or even less desirable, areas of the Bay Area. Hence, they leave, outside the state, to areas they CAN afford.

The least desirable areas- Oakland, Richmond, East Palo Alto, parts of San Jose, are still far more expensive than most other areas of the country, and those that are stuck living there barely scrape by. Hence, you have poverty, crime, and other urban problems caused by lack of affordability. This is not, as many people think, a problem of "Liberal" city government, nor is it the lack thereof. It's just a fact of the unregulated housing market and supply and demand.

So yes, it is a desirable place to live, a beautiful place, with great climate, great people, and many people would live there if they could, or rather, if they could find a place to live in the Bay Area that wasn't Oakland, Richmond, East Palo Alto or parts of San Jose.

 

[FlowersForFun]

Did it suddenly become a shit hole sometime in the last 4 months? If yes, that would be an impressive feat of local government.

Last few years actually.

 

[islandman]

Last few years actually.

Yet the cost of housing kept increasing over that time.

How do you reconcile this?

 

[FlowersForFun]

Yet the cost of housing kept increasing over that time.

How do you reconcile this?

Lots of stupid people + shit mismanagement.

Can't build new housing, it's racist!!! played a major role in that.

There are a number of bad policies in SF that have made the bay area one of the most overinflated real estate markets on the planet. I got in part the way through and rode that bad boy for several years for a tidy life changing profit.

Further more, rents going sky high over the last 20 years doesn't make the shit covered, junkie filled streets go away.....doesn't make the crime the city decides to just ignore because doing anything about it would be racist!! go away.

Looks like cashing out of the bay area last year was yet ANOTHER smooth fuckin' move on my part.

 

[Ziggins]

The dry parts are becoming drier. Rising sea level will probably flood the Central Valley, where they grow a tremendous quantity of food. Stopping the food exports to other states will make some difference, but they grow it with water from other states that are also becoming drier.

SF could stay wet enough for the population of pre-boom SF, but rebuilding after earthquakes will be more difficult with reduced resources.