As pointed out in the article the lions share of losses are in Pac Heights and Nob Hill due to the outsized prices already there.

I rent a home there that fluctuates between 7 million and 5 million over the course of the pandemic and I watched a neighbor poor over 100! Million into a house when he thought things were only going up.

That being said most people here don’t ever sell really. You just hold and buy another home someplace else. It’s a funny place.

So the loses are not real until they are realized. That being said I don’t think the city is headed in a positive direction anytime in the next 5 years.