No, demand is just lower because companies have everyone working remote for the time-being, and so for a lot of people it doesn't make sense to live in the city

No, demand is just lower because companies have everyone working remote for the time-being, and so for a lot of people it doesn't make sense to live in the city and pay SF rent while just sitting at home. Instead, people are just moving to lower cost-of-living cities and working from there, so there's less demand for apartments and landlords have to lower prices to compensate.