San Francisco has been a boom and bust town since the beginning, with countless "doom loop" stories. The reality is that it's a desirable city. If we're in a tr

San Francisco has been a boom and bust town since the beginning, with countless "doom loop" stories. The reality is that it's a desirable city. If we're in a true bust, prices will begin to drop--and those places are quickly filled up with people who can now afford to live here (again). We're not witnessing a drop in demand per se, we're witnessing a decreased demand at the high-end (this is a good thing! it's run out of control for the last decade.) combined with commercial real estate investment that won't lower leases because it devalues their properties and puts their RE investment underwater. (Ultimately, their hands will be forced, of course, which will lead to much lower cost commercial real estate in a highly desirable city with better affordability for homes... again, this is a good thing.) The problem in Detroit was there was no price low enough to get people to live there when there were so many places with similar amenities and better quality of life nearby. In SF, the second housing prices fall, they're scooped up instantly. People move across the country/world to live in SF even when the job market has been terrible in the past. (There's a lot more to SF than a job.) I'm not saying San Francisco could never fall, but we're nowhere near that reality.