| I've seen the same. The misconception is that people are leaving because the housing is too expensive and its not worth it anymore. Almost everybody I know that moved out had no problem affording housing (high earners / home owners / rent controlled). People are leaving because quality of life has fallen dramatically and the only thing keeping people in SF was their offices. About half of the tech people I know have moved out. Of those about half have left permanently, the other half are on the fence depending on long term WFH ability / if the city is able to get the quality of life issues under control / plus a lot of complaints about taxes. -In my 6 unit building in Nob Hill (5 of which are owner occupied). 3 units including myself have moved out permanently. 1x to Austin. 1x to Palm Springs. 1x to East Bay.
-5 of my 6 best friends in rent controlled units have moved out. Mostly to other cities in California. In 10 years living in SF I've never seen people willingly give up rent controlled units like this.
-Other friends that were looking to move to SF that have cancelled those plans. In particular employees at large companies that were impacted by layoffs (Uber). |
Whether something is too expensive is not just a function of whether you can afford it. It’s a question of whether it’s worth it at the price being offered. You make make that same conflicting point.
The affluent would simply be first movers in this type of situation as many do not need to time their exits with their leases ending. The cash poor, yet high income tech workers will be the next mass exodus.
If you think SF is a shell of a city now, just wait till 6 months from now.