61–70 of 342 posts
Earlier quoted context omitted.
Also, a drop in money, as in, a lot of people suddenly don't have any. And not just people leaving, but people not moving in.
The majority of people who lost income are not the ones buying real estate in the bay.
I think the reality will set in soon on this once the CARES bonus UI is removed (and if it is not replaced) and the PPP loans run out. Right now everyone I know in real estate is still convinced it was just a minor blip and love to cite cherry picked stats about how a recovery is already under way. Coincidently I have been seeing a lot of fully furnished units coming on the market which I assume were former Airbnbs.
Earlier quoted context omitted.
specifically, it's the tourists causing the cost increase. airBnb is just the facilitator. if they weren't going to airbinb they would've gone to hotels or people renting out their apartments.
Conjecture. AirBnB's are generally below market rate for hotels which brings more people in than you'd have otherwise gotten.
Once fees are included, AirBnB is usually more expensive in markets like SF, LA, or NY for individual/couple listings than a comparably furnished hotel room (inclusive of fees).
This also might open many landlords eyes to how ugly their situations can get when they want to remove a tenant in Oakland/SF/Berkeley even if a tenant stops paying rent. I have two friends who are currently refusing to leave in-law units and it is quickly getting bad for their landlords ($30k deal to get one of them to leave). That said I totally welcome this, part of the reason why our communities suck in the bay a…
In Germany about half the population is renting. That in itself doesn't mean they're not fostering a community. The difference of course is, that in Germany there are very stringent renter protections, so tenants do usually plan to stay for long times (a good share for a lifetime).
Looks like people are really leaving the Bay Area. you don't see 10-15% price drops in a year without corresponding drop in demand.
As an anecdote, I left the Bay Area (and California (and the USA)) in January. Amongst my cohorts/closest friends I know in the Bay Area: - one moved to Colorado a year ago. - another moved to Berkeley from SF, to buy a house. - several moved to New York City and Seattle. - a few moved back to Canada. In my time in the Bay Area, it always seemed like there was constant migration: some folks leaving, some folks just a…
I'm in NYC and we are strongly considering moving out when our lease expires in July. Google NYC isn't reopening at least through the end of the year so it doesn't make sense to continue paying a lot to live in a one bedroom apartment that is sub-optimal for multiple people to work from, especially while most of the typical amenities of city life are closed. The main reason I lived here was for a short commute and that's irrelevant now.
Looks like people are really leaving the Bay Area. you don't see 10-15% price drops in a year without corresponding drop in demand.
As a not small anecdote, I live in a new building in Mountain View -- about 300 units. When I moved in last Summer, there were only 4 units available. It's currently over 50% vacant. My rent was $4300. They're currently renting the same unit on a higher floor for $3500.
You should ask them to lower your rent to $3500. Then ask if you can move in upstairs.
Earlier quoted context omitted.
In Germany about half the population is renting. That in itself doesn't mean they're not fostering a community. The difference of course is, that in Germany there are very stringent renter protections, so tenants do usually plan to stay for long times (a good share for a lifetime).
We have similar pro-tenant protections in the Bay Area to Germany.
I expect in the near future, the urban rents in general will fall. Between COVID and rioting, living in a dense city just lost a lost of luster.
You overestimate our cultural attention span :) Anyway, even with COVID + Rioting, I'd much rather live in a big city than in the countryside.
Looks like people are really leaving the Bay Area. you don't see 10-15% price drops in a year without corresponding drop in demand.
As an anecdote, I left the Bay Area (and California (and the USA)) in January. Amongst my cohorts/closest friends I know in the Bay Area: - one moved to Colorado a year ago. - another moved to Berkeley from SF, to buy a house. - several moved to New York City and Seattle. - a few moved back to Canada. In my time in the Bay Area, it always seemed like there was constant migration: some folks leaving, some folks just a…
All three of us are sort of "just milling around waiting for the gates to open". Not literally, any of us could technically be in the city our workplace is in today (the border isn't closed to work related travel), but we are waiting to be required to show up in person at the office before we move (back). In the meantime we'd rather be here where we have lots of space, good company, no rent, and so on.
Keep in mind this a thinly traded market, during the pandemic even more so. We're talking about dozens of transactions here.