Rents are up 15% YoY, which is probably a leading sign that demand is back. I know some folks might blame higher rents on greedy landlords… But it’s quite clear that at work this year’s class of new grad hires is moving to the Bay Area.
What I think we saw is people left SF because there’s no point in doing remote work from a cramped, expensive apartment. So yes, it was a vote on governance. But for all SF’s problems it’s more nuanced than “people are fleeing a sh*t-hole city.”
(And even funnier, I live in Oakland. There was a noticeable surge in people parking bikes with Caltrain tags in the bike room. I’m back to being the only bike with a Caltrain tag now.)
What I think we saw is people left SF because there’s no point in doing remote work from a cramped, expensive apartment. So yes, it was a vote on governance. But for all SF’s problems it’s more nuanced than “people are fleeing a sh*t-hole city.”
(And even funnier, I live in Oakland. There was a noticeable surge in people parking bikes with Caltrain tags in the bike room. I’m back to being the only bike with a Caltrain tag now.)