Urban America, controlled by Democrats, is becoming unlivable. Businesses are fleeing as well. The problem is that these urban refugees take their vile politics with them when the flee to decent areas.
The surprise is that Oakland rents went up. As my wife, who used to work there, said, “Who would want to live in Oakland?”
Places in the South Bay, like Palo Alto, Mountain View, Cupertino, Sunnyvale, Saratosa, Los Altos, etc., should start seeing property values drop has the homeless camps expand through their cities. Having rents drop off the table is just speeding up the process.
It’s not just economics. These cities have bent over backwards to accommodate the dysfunctional and the lawless that they’ve actually attracted them en masse, thus crating mass homeless encampments and widespread use of streets as public toilets.
The laptop computer has rendered the big city downtown moot. Most big cities have a second or third downtown 50-100 blocks out from the old downtown.
Supply and demand, demand and supply. Good, sure they were priced way more than they are worth. A step back towards reality land.
Any chance Oakland will get gentrified? If any place needs it...
A 11.8% drop in rents in SF probably still means a studio apartment rents for $8,000 a month.
Supply and demand.
There’s a steady supply of shit on the streets so demand for apartments goes down.
Strange! Unforseen! Authorities remain baffled.
It’s also not fleeing, as they mentioned.
San Francisco is hostile to renters. Eviction is a nightmare. So a renter facing a tenant with a job loss is incentivized to take whatever they’ll pay and eat the loss. If they try and evict, they get $0 for the several months it takes to toss them. So it’s best to take a 15% cut.
Gary Buechler is one of the people fleeing. He made it clear he can’t rent out his house because of the job losses it’s too high of a risk he’ll get stuck with a renter who won’t pay and he’ll be out thousands in upkeep.
These people voted for what they are fleeing...will they keep voting for it in their new surroundings?
“Well,
Raise my Rent!”
.
Blazing Saddles
REnts go down while RE taxes will probably go up to compensate for the revenue lost from rental tax.
Bad combination and very happy to see CA citizens once again get it stuck to them.
When the HELL will people living there wake up?
Read this book: https://jamesdavisnicoll.com/review/tomorrow-is-now
Micropolis is coming.
I read the book when it first came out. The guy really had his finger on the future.
I’m really glad I left Seattle for 32 acres in rural KY back in 2011.
The rent for a studio apartment in SF went from $3600/mo to $3200 a month.
I hate to have to tell them.
There is an eviction moratorium in California. It has been extended.
https://californiaglobe.com/section-2/the-unseen-costs-of-the-extended-eviction-moratorium/