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After living in SF for 3 months before and after the pandemic, I believe such a crazy drop in rent has been years in the making. A few thoughts on why — https://www.bloomberg.com/news/articles/2020-12-08/san-francisco-apartment-rents-drop-35-as-tech-embraces-remote-work-during-covid
A lack of decent public transportation make the city difficult to navigate without a car. And the hills are nearly impossible for last mile travel via bike / scooter, now commonplace in other cities. Challenges commuting create demand for central neighborhoods, driving up prices.
The aggregation of tech talent that has made the city such a good place to start a company (not only was the best iOS eng in SF, but the 20th best too) further priced out people from other industries.
The city didn't do nearly enough to increase the density of housing in desirable neighborhoods or create public transportation. From 2010 to 2016, SF added 15,730 units compared to Seattle's 32,000. Combined with a lack of workforce housing in or outside, diversity was throttled.
Absence of affordable housing and industries outside tech hurt core aspects of the city that appeal to millennials: the ability to live near friends and a network, access to vibrant restaurants and bars, and diversity of types people (artists, creators, musicians etc.)
San Francisco's fine dining scene has thrived, but when it comes to grabbing an affordable dinner with friends, the city is seriously lagging others such as LA, New York and Chicago
Exceptional-but-reasonable-priced-Italian has @flourandwater in one column vs. ~10 in NYC, just off the top of my head
Well intentioned progressive initiatives led to consequences unthinkable in other cities. I (fortunately) can't ever recall talking to someone who's house or car was broken into in any city large except SF
San Francisco will still be the place get a tech network, but the positive feedback cycles that made the city such a great place start a company may work against the city as tech workers have the option to work remotely — unless some significant policy changes are enacted
