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San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

bloomberg.com

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Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#81

Post by justaguyhere »

burlesona wrote: post #51

I would say the city being “closed” is the major driver. Among my group of ~40 coworkers, about 30 (including me) have left the city. As far as I know all but one were renting. Everyone who left gave the following rationale: - we can work remotely so move wherever or nomad now - SF is not very fun during the pandemic - WFH in my tiny apartment is much less enjoyable than when I was working in the office and didn’t sp…

therefore I’m moving for a year or so until things fully reopen

Do you see an end to this pandemic in the next year or so? A good percentage of people are still refusing to wear masks, we aren't anywhere closer to a vaccine etc. I am trying to be optimistic, but the situation isn't improving from any direction and we are already 10 months in :(

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#82

Post by throwaway0a5e »

macjohnmcc wrote: post #30
nradov wrote: post #17

Is there any data on rent changes in Texas? A Bay Area school district employee told me that she has noticed a big increase in requests to transfer student records to Texas districts. But I don't know how widespread that is.

Austin is pretty pricey by Texas standards and San Antonio is on it's way up. Property taxes in Texas are what may surprise you depending on where you are from. I used to live in the Seattle area and property taxes there are around 1/2 of what they are in Texas. Neither has a state income tax and both have around the same sales tax rate.

>Austin is pretty pricey by Texas standards

Because for a long time it was cheap by California standards. Same story with Denver, Boulder, now Boise, etc. etc.

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#84

Post by derwiki »

asdfman123 wrote: post #54
thethethethe wrote: post #50

Earlier quoted context omitted.

Yes. I live in SF and I see people loading up moving vans in my neighborhood all of the time now, my neighbors in my row house moved to auburn, multiple houses are now up for sale, it used to be impossible to get a parking space but now it is not a problem anymore. Things have definitely changed

If I were living in SF and gone fully remote for the foreseeable future, I'd absolutely get out of my expensive apartment and (literally) head for the hills.

Why the hills? What about the hills in SF?

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#85

Post by murph-almighty »

throwaway0a5e wrote: post #23
nradov wrote: post #17

Is there any data on rent changes in Texas? A Bay Area school district employee told me that she has noticed a big increase in requests to transfer student records to Texas districts. But I don't know how widespread that is.

The events of the past 6mo have caused tons of people in places like NYC, SF, etc who were on the fence to cash out an move elsewhere. Housing prices, local politics, just about everything is gonna suck real bad for the people in the destination locales because a bunch of people with more money than them are showing up and trying to tell them what to do.

I'm really curious about the macro political effects too- if a surge of CA-based liberal leaning tech workers move to Texas, is Texas purple?

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#86

Post by zdragnar »

burlesona wrote: post #51

I would say the city being “closed” is the major driver. Among my group of ~40 coworkers, about 30 (including me) have left the city. As far as I know all but one were renting. Everyone who left gave the following rationale: - we can work remotely so move wherever or nomad now - SF is not very fun during the pandemic - WFH in my tiny apartment is much less enjoyable than when I was working in the office and didn’t sp…

As a counter anecdote, I know three people from the bay area who moved out during covidtide, but had already planned the move beforehand. (This is a very high percentage of people I know from the bay area, hence the anecdote).

All had the same rationale: taxes and housing were simply far too high when they could work remotely and live anywhere else. Sure, you don't get the same outdoors, food or retail scene, but plenty of places have those things too.

I imagine the move to working remotely has made that move possible for more people than before, but those I know aren't making temporary moves, they are buying houses.

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#87

Post by cameronbrown »

komali2 wrote: post #75
sitkack wrote: post #66

Earlier quoted context omitted.

Sounds like for things that are inelastic, we should find ways (on both sides) to maintain a buffer if we want to have stable systems.

Both sides?

Supply and demand, I'm guessing.

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#88

Post by dylan604 »

nradov wrote: post #17

Is there any data on rent changes in Texas? A Bay Area school district employee told me that she has noticed a big increase in requests to transfer student records to Texas districts. But I don't know how widespread that is.

There's been a few articles lately about the number of west coast people moving to Texas to the point that Texas will be considered a purple state after the upcoming election.

I'm from Texas, moved to CA for a number of years, and have since returned to TX. Things like no state income tax and lower sales tax are major attractions, add to that the dirt cheap prices of property in comparison to CA. There are other things that are cheaper that just make day-to-day life easier. Fuel prices are much cheaper in TX. Auto registration fees are cheaper. In TX, my Corolla was $400. When I registered my car in CA, I was required to pay taxes on something purchased in another state. (Why CA limits this tax/ransom to cars is a real question. Why not any large ticket purchases like computers,washer/dryer,fridges,etc.)

TL;DR - It's pretty widespread. TX population is rapidly increasing

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#89

Post by jeffbee »

tonyedgecombe wrote: post #76
jeffbee wrote: post #15

Like a few lawyers at the bottom of the ocean, that's a good start, but it should be city and state policy to chop another 80% off the price of housing, to get it back to historical norms.

Historical norms included much higher interest rates and women not participating in the labour force.

Indeed, but that's why the state needs policy for this. It's should not be true that landlords capture all of the marginal productivity of 2-income households.

Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

#90

Post by PascLeRasc »

burlesona wrote: post #51

I would say the city being “closed” is the major driver. Among my group of ~40 coworkers, about 30 (including me) have left the city. As far as I know all but one were renting. Everyone who left gave the following rationale: - we can work remotely so move wherever or nomad now - SF is not very fun during the pandemic - WFH in my tiny apartment is much less enjoyable than when I was working in the office and didn’t sp…

Compared to other big tech-hub cities, I'd think SF would be one of the better ones to spend the pandemic in. There's great parks like Dolores, Lands End, etc, and they'll still be comfortable to be in during this winter. Is there more to it than that?
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