The article also says that CA's estimate of the population decline is much smaller, and arguably CA itself would have more accurate data for this particular metric (residency and voter rolls).
So while I'm sure the gist of the argument is true, there is probably a larger margin of error on the calculation than you'd think at first glance. I'm not quite going to say the article is sensationalist, but if you look at the totality of the data (house prices, rental prices, CA's population estimates, etc), I'm not sure the "SF is in freefall" narrative holds up.