“the price of real estate would drop.”
Only after massive foreclosures. That’s coming.
They keep telling us that nearly 300 New Yorkers leave the state each day, but the prices of homes never drop!
My only guess is these leavers are being replaced by new immigrants from overseas ( e.g. Chinese, Indians, Koreans, etc. ).
It should happen before foreclosures. People have lots of good high-paying jobs in the Bay Area. If they were truly sick of the drunks, bums, druggies, poop, etc in SF, they would be selling their houses and getting out now.
No doubt it will accelerate during the next downturn and wave of foreclosures when houses go under water. But it is odd that prices are still resisting down forces.