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re: 18% of sellers in San Francisco are taking a loss on their House
Posted on 4/24/24 at 11:05 am to LsuNav
Posted on 4/24/24 at 11:05 am to LsuNav
Depopulate completely? No.
But changes to industries in and around the area will certainly affect demand.
SF’s three major economic tent poles are regular tourism, the financial industry, and conventions.
Two of those are being hurt by the condition of the city and the third is very mobile these days, doubly so since SF is not a city with an exchange like Chicago or NYC.
NYC has seen a huge bleed off of people from this industry and a number of banks in Cali have either failed or been endangered because of other big banks like JP Morgan poaching their clients.
This won’t kill the city completely but can feasibly make it to where SF is so overpriced that a lot of the current companies relocate, either to Silicon Valley or out of the area entirely, to where you are left with a hollowed out shell.
Think Detroit with a better climate.
But changes to industries in and around the area will certainly affect demand.
SF’s three major economic tent poles are regular tourism, the financial industry, and conventions.
Two of those are being hurt by the condition of the city and the third is very mobile these days, doubly so since SF is not a city with an exchange like Chicago or NYC.
NYC has seen a huge bleed off of people from this industry and a number of banks in Cali have either failed or been endangered because of other big banks like JP Morgan poaching their clients.
This won’t kill the city completely but can feasibly make it to where SF is so overpriced that a lot of the current companies relocate, either to Silicon Valley or out of the area entirely, to where you are left with a hollowed out shell.
Think Detroit with a better climate.
2
Posted on 4/24/24 at 12:02 pm to teke184
quote:
companies relocate, either to Silicon Valley
The days of getting a break on Bay Area housing costs by moving south or east to a commuter town are gone. Prices are out of control all over. I've heard of SF companies providing luxury commuter buses to/from Sacramento. Mobile wifi lets that be work time.
Rather than depopulation, there's a massive ethnicity shift with the bayside filling up with Hispanics who can afford it, and the oceanside becoming even more Asian. An advantage some Asians now have is that grandparents bought homes there at fair prices in 1940s-60s.
Posted on 4/24/24 at 1:01 pm to teke184
quote:went to SF in July for a few days a while ago
Think Detroit with a better climate.
It was like 50-55 Fahrenheit and windy every day
The climate/weather there sucks
This post was edited on 4/24/24 at 1:02 pm
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