It's not one or the other (moving in or out), it's about getting what you (the individual) wants, and being smart about timing and using world events to your advantage, not disadvantage.
Some people wanted to move away from SF, some wanted to move in. It was an opportunity for either.
There’s another nearby building that’s extremely similar (same developer, I believe, and very similar floor plans, appliances, and amenities). Last summer comparable units in that building were priced the same as in my building, but are now a ludicrous 20-25% higher than my building.
Rents have gone up since then from my understanding, but they're still below what they were several years ago. https://www.zumper.com/rent-research/san-francisco-ca
In SOMA/Mission? That's genuinely somewhat affordable for tech workers.
You'd get a terrible studio in Manhattan for that, plus all sorts of fees.
San Francisco's reputation is letting itself down. The house price bubble must only be for 3BR family homes with a yard in San Jose/Palo Alto.
But even in the most desirable neighborhoods, rents are still down about 10-15% compared to pre-COVID
To say: Areas that appear less like traditional neighborhoods with single family homes and more large modern condo buildings.
Our building, and many around ours are largely condos, not rentals. They don't look like traditional houses, but even in this more modern area with multi story buildings and retail all over the 1st floor it's not that it's a place that people don't want to buy homes, it's that there are no "homes" to buy, just condos.
Hayes Valley has tons of condos - homeowners want to buy here. Homeowners don't really want to buy at 6th and Mission and a Condo there would be heavily discounted per sqft.
Mission Bay also feels like a neighborhood - calm, some park space, all condos
Rents are still significantly less around here than before the pandemic.