Just the other day we discussed the “Escape from New York” phenomenon, exposed by the fact that record numbers of apartments in the Big Apple are currently sitting vacant. People are packing up and getting out while the getting is good, frequently leaving a bonanza of nice furniture on the curb for their neighbors and the homeless. Meanwhile, real estate values are rising in Connecticut and the Hamptons as people compete to scoop up new residences in safer areas.
But it turns out that Gotham isn’t the only place experiencing something of an exodus. On the opposite coast, the City by the Bay is looking a tad more empty these days as well. The chief indicator once again comes to us via the real estate market. As the San Francisco Gate explains, empty housing is flooding the market all of a sudden and the increase is described as “staggering.”
A new report confirms what many have been talking about for weeks: There is an exodus out of San Francisco, and the numbers are staggering.
Online real estate company Zillow released new statistics shining a stark light on the issue this week. Their “2020 Urban-Suburban Market Report” reveals that inventory has risen a whopping 96% year-on-year, as empty homes in the city flood the market like nowhere else in America.
The reason for this change is likely a combination of a few unprecedented factors that have collided this summer, resulting in a historic shift in the city.