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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.

#461

Post by dataminded »

kilbuz wrote: post #384
ryandrake wrote: post #322

Earlier quoted context omitted.

As someone who has worked both in the Bay Area and outside of it, I moved here because of the job market, not because of the salary. I would take a salary cut any day to move away, but I want to stay with my current company AND keep access to the SF Bay Area job market. Literally the only thing keeping me from listing my house right now and moving to a different area is that not enough Bay Area companies have committ…

Where are you thinking of moving? I live here for more than the job, so just wondering what other cities are on the radar.

Come to Detroit. It's still REALLY cheap and the tech job market was #2 in the US for growth.

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

#462

Post by [deleted] »

adjkant wrote: post #460
FartyMcFarter wrote: post #457

Earlier quoted context omitted.

The article says NYC rents dropped by 15% which is still significant.

I just added a caveat about that, but many of the top of market neighborhoods people tend to go for here haven't dropped nearly that much (e.g West Village area, Chelsea, UES/UWS). NYC is huge and that drop is not spread equally. Guessing it isn't in SF either, but it seems 31% is going to hit every neighborhood at least a good deal. Edited to add to this, see the spread in June: https://www.renthop.com/studies/nyc/r…

[deleted]

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

#463

Post by almost_usual »

asdff wrote: post #459
almost_usual wrote: post #268

Earlier quoted context omitted.

Most of the interesting bars and restaurants in SF are closing as we speak. As the pandemic drags on expect it will continue. Who do you think will have the money to replace these places?

Investors, like always. Do you think its mom and pop opening a bar with smoke infused cocktails in SF, or anywhere else for that matter where commercial rent has been astoundingly high for decades now? Investors will buy back in once it makes sense economically. Restaurant turnover is typical.

Right investors who open cookie cutter hipster bars that exist in every other city. The unique bars and restaurants in SF that have been there for decades are dying and they won’t come back.

SF culture was on life support, now it’s dead.

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

#464

Post by save_ferris »

bitbckt wrote: post #363
pgwhalen wrote: post #348

Earlier quoted context omitted.

In what sense are we not closer to a vaccine? I’m not following vaccine development closely, but my understanding is that many candidates are progressing along nicely.

Just today, for example: https://www.washingtonpost.com/health/2020/10/13/covid-vacci...

It's important to point out that while these trials appear promising, there has never been a vaccine developed for any coronavirus before that eradicated the illness in humans[0]. Influenza vaccines, for example, work to fortify the immune system from various strains of influenza, but they do not prevent illness. There's a lot of political and commercial pressure to make this happen, but the reality is that this is an incredibly hard problem to solve and we may be dealing with COVID-19 in some form for the foreseeable future.

0: https://www.uchealth.org/today/coronavirus-vaccines-101-what...

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

#465

Post by bitbckt »

graeme wrote: post #372
bitbckt wrote: post #363

Earlier quoted context omitted.

Just today, for example: https://www.washingtonpost.com/health/2020/10/13/covid-vacci...

That’s extremely routine procedure for any trial. When there’s an u explained illness the trial is halted to investigate if it is linked to the vaccine or not. If it isn’t, the trial resumes.

No question there.

I wasn’t speaking to the GP’s question about progress but to their “not following the news” comment.

I apparently should have made that clear.

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

#466

Post by iso947 »

rgbrenner wrote: post #262
irrational wrote: post #244

Earlier quoted context omitted.

But those 100m are going to grow up in a world where remote working is the norm.

Even during the lockdowns only 40% of the US workforce worked from home. Here’s another stat: only 33% of the us population has a bachelors degree or higher. Step out of your bubble and think about all of the people making the goods you order, maintaining your roads, construction workers that fix your home, the workers at the grocery store, the person that delivers your packages, the warehouse workers, etc etc etc. T…

Vast majority of those jobs don’t rely on the network effects of major SF/NY/Seatle hubs. There’s little difference To prospects to someone working as a plumber in a town of 30k people vs a city of 3m people.

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

#467

Post by asdff »

AtlasBarfed wrote: post #156
DivisionSol wrote: post #147

Absolutely anecdotal to a single apartment building, but I check the listed prices for units inside my building in Redwood City. My particular unit-type, on another floor, has fallen ~$700... I was a fool for renewing the lease.

Since you are right in the middle of this, what prevents you from walking out on the lease? As in, what starts a flood of renegotiation / changing apartments from similarly lease-locked renters?

yeah, the landlord will be chomping at the bit to find a new tenant in the middle of a pandemic to get you off the hook from your lease alright. real honest people, those landlords.

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

#468

Post by 205guy »

gizmo385 wrote: post #275
bumby wrote: post #198

Earlier quoted context omitted.

I’m curious as someone who has never lived in SV (only visited for work) but do you feel like there are certain areas that displaced SV gravitate towards and would eventually cause property in those areas to rise as well?

As someone who also has never lived in SV, I'd imagine that, if the majority of these people leaving are young, active, relatively wealthy individuals, that they would move to areas where they can advantage of that position. A lot of people in that demographic are probably relatively active and might have would want to move somewhere with access to lots of outdoor activities. My guesses would be: SLC, Denver, Phoenix…

Closest "outdoor place" to SFBA is Tahoe, and indeed it has been flooded with transplants, driving up prices everywhere, and displacing residents:

https://www.sfgate.com/renotahoe/article/bay-area-transients...

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

#469

Post by noobermin »

baskire wrote: post #439
apeescape wrote: post #400

Earlier quoted context omitted.

Agreed, I feel like SF restaurants are relatively pricey, so in order to get the good stuff you'll have to pay a lot more than in many other places in the world.

Sf has some great hole in the wall places that aren’t too expensive. E.g. Tonga room isn’t that badly priced Dropping 50$/person on dinner & drinks in sf isn’t that much money when your rent is 50x+ that figure.

This is enough to say that then it isn't comparable. "There exists" is only a useful quantifier in mathematics. "There exists" better food elsewhere if you idk pay a world reknown chef to cook you a meal herself for $5000.

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

#470

Post by noobermin »

irrational wrote: post #381
mercutio2 wrote: post #264

Earlier quoted context omitted.

I keep reading people make this claim. I haven't found it to be even remotely true for the food my family is inclined to eat. Every time I've gone to visit hip small college towns for the last 5 years, I've eagerly sought out the talked-about eateries, and they were all... distinctly mediocre compared to NYC or Bay Area or LA food. You still can't find anything but Americanized Asian food, even the California-cuisine…

My baseline is grilled cheddar cheese on plain white bread with Campbell's Tomato Soup is the greatest food ever invented. I once went to a work lunch at one of the city's most raved about restaurants. I ordered the grilled cheese and tomato soup. That was when I realized that I really am not a food connoisseur. How can something so simple as grilled cheese and tomato soup be so thoroughly ruined, just in an effort t…

I like how this is downvoted. HN's culture is so not the nerd stereotype that people paint it as, it's much more elitist honestly.
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