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SF has seen its economy and population ebb and flow a lot over the last 50 years. The city in the 70's was full of empty buildings and houses. Then the Gay boom
by 12xo 6y ago
SF has seen its economy and population ebb and flow a lot over the last 50 years. The city in the 70's was full of empty buildings and houses. Then the Gay boom of the 80's changed the population and gentrified a lot of the dilapidated communities. Then the Savings and Loan crisis led to another slump... Fast forward to the late 90's and everything was booming. Real estate exploded with the Dot Com boom. And then....
If you were around SF in 1999-2001, you know how fast things can change. There was a mass exodus back to the east coast. Rentals that used to garner 40 applicants were vacant. Things were ugly until a few years later when the next boom hit.
Will this one be any different? Maybe. They built a lot of office space but SF is and will always be a highly desirable city. Santa Clara or Fremont? Not so much...
- dragonwriter 6y ago> If you were around SF in 1999-2001, you know how fast things can change. I was, and I remember it being specifically noted in local media shortly afterwars that while the same was not true of some parts of the Bay Area, SF did not see a decline in housing prices as a result of the bust, though it did see a temporary decline in the rate of increase.
- jedberg 6y agoThe lack of decline in SF housing prices is deceiving. Landlords won't reduce the base rent because of rent control. Instead they'll leave units vacant or offer a few free months or $0 deposits. So the stats might show a flatness in rental rates, but in reality there was a drop. And then as soon as the crisis is over, people want to move back and the rents start going up from that flat base rate after the incentives stop.
- ghaff 6y agoHousing prices can be pretty sticky. A lot of owners would rather try to ride out a downturn rather than make a sale at a depressed price.
- 12xo 6y agoWell to be fair the interest rates were halved during the post 9/11 / dot.com bust. Which to many, is the reason the prices didnt fall as buying power increased.
- dragonwriter 6y ago> Well to be fair the interest rates were halved during the post 9/11 / dot.com bust. There was no “post-9/11 bust”. 9/11 happened toward the end of the 2001 recession (March-November 2001) The post-9/11 expansion had particularly poor distributional characteristics, with, IIRC, the bottom 3 quintiles losing ground, the fourth quintile flat, and virtually all the gains in a narrow slice at the top (not just the top quintile, but the top 5% or so.)
- et-al 6y agoMission San Jose High School in Fremont is one of the most competitive high schools in California. And there's great Indian and Chinese food in the area. So as boring of a mundane subdivision landscape it is, there's plenty of reasons why Fremont will still be desirable for parents in the Bay Area. In general, the Bay Area has great weather, sailing and skiing, international airports, and that's enough to bolster demand for the long run.
- 12xo 6y agoNothing wrong with civic pride but Fremont is not even going to be listed on the top 10000 most desirable places to live in California...
- 0_____0 6y agoWell we have <1000 cities of any type, so Fremont would definitely be on that list. :p It depends on what you're looking for. If you're looking for access to tech jobs, immigrant community, good schools, safe, Fremont is your jam. If you're looking for bougie restaurants, a music scene, people who want to work with you on a Burning Man project... well, you're not going to find that in Fremont.