"Still over 7% of active mortgages are in forbearance,"
This seems incredibly concerning, and could suggest an especially hard market in the coming months/year.
Zoom towns and the new housing market for the two Americas
21–30 of 187 posts
Re: Zoom towns and the new housing market for the two Americas
#22Right now, being a landlord in SF is looking pretty grim given that tech workers who used to rent are fleeing in droves and those that are not are negotiating their rents. I wonder whether this trend will reverse in the next 1-3 years or this is the new permanent dynamic of the SF rental market.
The midatlantic region is filled with cities that are carcasses of an industrial era that doesn't exist anymore.
It's not "doom and gloom" to say that when there are examples of it happening before.
San Francisco's tax base is leaving. What do you think is going to happen?
Rent wise, San Francisco will just be Anytown, USA with a little bit of scarcity due to plethora of rent control and old tenants with grandfathered in low property tax due to state law.
City better balance its budget.
Re: Zoom towns and the new housing market for the two Americas
#23"Many Americans — especially 30-somethings who remain employed — are ditching their tiny rental apartments in hip districts of expensive cities and moving to buy houses in more affordable cities or the burbs for a life of shopping at Home Depot and spending their Friday nights eating mozzarella sticks at Applebee's." oof, that's a savage take for NPR.
Mozz-eater who frequents Home Depot checking in. I thought it was funny.
Re: Zoom towns and the new housing market for the two Americas
#24I think a lot of people living in cities think there's only two options - living in an apartment downtown in a megacity, and living in a car-bound wasteland suburb. But there's a third option - towns. I know you have them in the US! I've been to a few of them. Walkable towns with coffee shops, restaurants, bars, culture, dating. You can even find a few in the Bay Area if you don't want to look too far. Isn't the smal…
What are some examples of Bay Area towns? It seems like everyone in my friend circle in tech lives in San Francisco and puts up (or used to) with the long commute.
Re: Zoom towns and the new housing market for the two Americas
#25Right now, being a landlord in SF is looking pretty grim given that tech workers who used to rent are fleeing in droves and those that are not are negotiating their rents. I wonder whether this trend will reverse in the next 1-3 years or this is the new permanent dynamic of the SF rental market.
> I wonder whether this trend will reverse in the next 1-3 years or this is the new permanent dynamic of the SF rental market. IMO, that's completely dependent on how much SF tech companies embrace remote work.
And others, like in finance.
It also depends on whether those who move away from (or would potentially have moved to) the Bay Area come back, especially if prices are a bit less eye-watering. Which to some degree depends on how badly restaurants, bars, retail, etc. are ultimately hit.
And just what the attitude towards urban living generally is. (This applies more specifically to SF than the Bay Area as a whole.) The urban inflow among college educated young professionals is only about 20 years old. No reason it couldn't reverse again.
Re: Zoom towns and the new housing market for the two Americas
#26You’re also living in a prime wildfire area in Truckee. There’s too much fuel in the Sierras as it is, it’ll burn sooner or later.
The picture of a house they show nestled in the trees is incredibly dangerous, incredibly resource intrnsive, and just ecologically unsound. We need to be building massive amounts of housing in city centers to let as many people live in them that would like to. Instead we lock down any new construction in cities, which requires the least amount of infrastructure and environmental damage, and instead let pretty much a…
Come on now, Truckee is half second homes - the resource intensiveness is based on gluttony not existence of housing.
Re: Zoom towns and the new housing market for the two Americas
#27Right now, being a landlord in SF is looking pretty grim given that tech workers who used to rent are fleeing in droves and those that are not are negotiating their rents. I wonder whether this trend will reverse in the next 1-3 years or this is the new permanent dynamic of the SF rental market.
Wild that landlords having to deal with their investments losing value and having to negotiate a commercial transaction is "grim" The market dynamics shifted. No big deal.
You have the same attitude when prices go up?
“Wild that tenants having to deal with rent going up and having to negotiate a commercial transaction is “grim””.
“The market dynamics shifted. No big deal.”
Re: Zoom towns and the new housing market for the two Americas
#28So a pandemic hits and everyone screaming NIMBY is suddenly moving out?
Re: Zoom towns and the new housing market for the two Americas
#29I think a lot of people living in cities think there's only two options - living in an apartment downtown in a megacity, and living in a car-bound wasteland suburb. But there's a third option - towns. I know you have them in the US! I've been to a few of them. Walkable towns with coffee shops, restaurants, bars, culture, dating. You can even find a few in the Bay Area if you don't want to look too far. Isn't the smal…
They almost never have decent internet if you're someone trying to wfh. Most of them are POTS lines only. The ones that have muni fiber would be a possible option but you're making definite trade offs elsewhere. Pubtrans, bike lanes, food options, travel optins, etc.
Re: Zoom towns and the new housing market for the two Americas
#30Curious what will happen to prices in these zoom towns once people return to office work? Wouldn't it be more prudent to shop around in areas where we know people will return in a year or two?