This is obviously (I believe it is obvious) related to COVID. But is this because of the general economic malaise, or because people are moving out enabled by r

This is obviously (I believe it is obvious) related to COVID. But is this because of the general economic malaise, or because people are moving out enabled by remote work. Let's look at other places. Non-tech places which still have good jobs in, say, energy and medicine, in a place like, say, Houston: https://www.har.com/content/mls/?m=06&y=20 https://www.har.com/content/mls/?m=06&y=20 Average prices in May are down 7% to San francisco's 9%. It would seem the impact is very similar in very different cities. This doesn't help us per se because the ability to telecommute may be as valuable in Houston as it is in San Francisco. However, if you believe the kinds of industries in Houston -- medicine and energy -- are less able to be made remote (and I don't have evidence for this), we might suspect that most of the collapse in pricing is driven by job layoffs.