Public defecation, car break-ins, littering, homelessness, people shooting drugs, needles everywhere, junkies talking gibberish and yelling to hallucinations, etc.
What's the point of paying a fortune to live like that?
Curious.
I suspect (but can't prove) that commercial real estate is a leading indicator of what to expect in the housing market. We'll see.
This just isn't going to happen. If anything, the declining commercial real estate is going to push up home values further because people want better WFH setups.
That's just one factor that wasn't in play in 2000 and 2008.
You can also look at it from the supply side. Imagine local property costs were not high, and you were at said high paying job. It'd be perfectly logical to start accumulating said properties either as a long-term investment, or to just rent out as a passive[ish] income. And up go costs.