If this trend continues, it should affect bay area housing prices. I dont see any reason to pay such high rent, if I could work anywhere in the pacific north west.
That's deep decrease (~33%), I fully expect the effects to show up starting Q4.
Landlords are stubborn beings always thinking they can rent easily and for more. Gotta take a beating with the property being empty for weeks/months before they adjust to reality. (Lettings agents don't care about waiting and pushing tenants out, they make fees either way).
Expect multiple hits downward over the coming year(s) as layoff benefits come to an end, personal savings dry up, evictions are reinstated, properties are foreclosed, etc...
If anything wfh means spending more time in your home neighbourhood, so you’re going to need more amenities closer by - which are generally found in cities.