Seems like there is more room to fall here, given that I would expect fires like this year's to become virtually ubiquitous in the next 15 years.
San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
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Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#62The article says that a half-decent single-person apartment - one bedroom, one living room - costs $2,873 to rent in SF. To think that even in the midst of a pandemic these are the prices is patently insane. This is significantly above the median monthly wage where I live.
I think most single people live in shared homes in San Francisco, so living on your own would be a luxury and most people wouldn't be paying that much. I've even heard of some people with roommates, which seems extraordinary to me for an adult to be doing that in a Western country.
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Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#63A good start, let's hope it continues. Rents are still roughly double what they were 15 years ago, when decent studios in central neighborhoods went for under $1000/mo.
Not going to happen until the city allows to build much more housing.
Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#64Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#65Earlier quoted context omitted.
I hadn't heard "You don't need to remove 30% of the cars to reduce freeway congestion by 30%" before, any chance you could elaborate?
Traffic jams are a quite sudden occurrence; 1000 cars / hour is no problem, but 1100 cars / hour and the whole system can suddenly collapse. https://getpocket.com/explore/item/why-a-traffic-flow-sudden... is one source, I'm sure there's better ones out there.
This has similarity to rain storms that cause sewage to overflow into the river in Portland, Oregon.
Portland uses a combined sewage overflow system (CSO). When there is a heavy rain, it used to be sewage would pour into the Willamette river.
However, for the past 10 years the city has been installing rain gardens that contain water storage devices that allow flash rain to be collected like a capacitor and then slowly drain into the ground after. [1]
These have had a big impact, not only in reducing or eliminated sewage spills into the river, but also reducing the amount of storm water being processed by sewage treatment plants.
Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#66Earlier quoted context omitted.
"I am skeptical. Yes a lot of Bay Area companies are allowing work from home for now, but are people really weighing that so heavily that they’re moving?" It is the marginal buyer, not the entire population, that swings the price. It's the last few properties for sale that swing the price. Someone downthread explained it very nicely: "Rent is like a traffic jam. The market collapses on the margin. You don't need to r…
yep - rent is the quintessential example of inelastic supply. A tiny shortage of housing can cause a huge jump in price.
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.
Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#67Earlier quoted context omitted.
Saw friends of friends leave sf and together rent a mansion in Hawaii. If the bars, clubs, gyms, and even beaches shut down why stay if you are renting at market rate. It’s literally cheaper to move your belongings into storage and move into a vacation home with friends. Also most sf apartments don’t have office space for all the tenants.
If there was no rent control, prices would drop even more. Firstly landlords are afraid to permanently lock down at a lower price, offering free months of rent instead. Secondly rent controlled tenants are afraid to lose their apartments, that are still below the market rates.
If there were no landlords prices would drop further still!
Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#68[deleted]
Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#69> The figures underscore how the pandemic has roiled property markets and changed renter preferences. With companies allowing employees to work from home, people have fled cramped and costly urban areas in droves, seeking extra room in the suburbs or cheaper cities. I am skeptical. Yes a lot of Bay Area companies are allowing work from home for now, but are people really weighing that so heavily that they’re moving?…
Some SF podcasters I've listened to for a while started talking about moving out soon so it's definitely at a conscious level for most people.
Re: San Francisco Apartment Rents Crater Up to 31%, Most in U.S.
#70Not surprised. I have been seeing a lot more SF city parking stickers on cars in San Diego.
Is there a big difference between San Francisco and San Diego? They're both Californian mega cities.
Maybe it's a relative perspective thing, but every Californian I know thinks they're quite different.