Looks like San Francisco is becoming the next Detroit
(twitter.com)
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Hahah, I can't wait to see what this does to the SF real estate market. Imagine spending seven figures on a tiny 2 or 3 bedroom house only to have drop 90% in value.
It will never drop.
Really? Maybe you're right, but why do you say that?
SF is a darling of the establishment. The real value of the property in San Francisco has been cratered ever since the COVID hysteria. but the investors in San Francisco property will never let it drop, because the perceived value is greater than any profit they would actually make from having tenants living under them.
It might eventually drop after the dust is settled, maybe a decade from now. but I don't see it dropping anytime soon because it would be an admission that the establishment and their policies turn their darling City into a worthless concrete jungle, which would be a blow to their egos and their savings.
You think they're exempt if the housing market goes down? I don't know that market.