San Francisco is building, like they always have. They are building luxury condos. Condos that only the wealthy can afford. An outside econonomist, would claim the supply is widening.
As someone who works on these luxury condos, as a union electrician, these condos are only bought by the very rich. Many units are second, third, tenth homes the 1 percent buy, and many times left vacant. San Francisco can be a charming city if you have money. I arrive at the job site at 8 a.m.
I gaze into units I once worked on, and so many are vacant. Yes, there's always a naked woman putting on a show. It's San Fransisco. Not a lot of straight single guys. Women don't realize just how invisible they will be when they move here. It's hard not to notice the attractive woman in the buff, putting on a show, but honestly; the empty units bother me.
I haven't worked on a reasonably priced apartment complex-- ever.
I have no idea why the market in San Francisco is "softening".
I have a feeling tech workers are being let go? That gold rush feeling is dying. I don't have numbers-- just have a hunch. It almost feels like a lot of start-ups are spending their last bit of money; hoping for a hail marry?
I don't blame developers for building these luxury condos. There's just no way to make a healthy ROI in San Francisco. It's just too small. The workers who put up these buildings are paid $100/hr, in most cases. It's all Union work. San Francisco is a union city. Tech workers should take notice. You guys are expendable, exotically once you hit your Kate thirties. Even though a local 6 Union electrician makes over $100/hr; there's no way I could buy in SF.
And after all; we all love Capitalism? Let them build their cocoons. Let them build to the stars. Let them build into the sand with friction piles.(Millenial sink hole). Build out into the bay--who cares?
It's all working out so great for service workers; and 95% of tech workers are basically service workers. Some of you like to think otherwise, but when the boom slows, I see you guys going home real fast. The only guys I see sticking around are usually founders(they always seem to have a rich relative though), or guys who met a woman with rent controlled housing. Just don't piss her off.