i have no idea if anything resembling the last crash is going on (it doesn't look like it to me, last time it was really obvious) but if you're looking for lead

i have no idea if anything resembling the last crash is going on (it doesn't look like it to me, last time it was really obvious) but if you're looking for leading indicators i would suggest commercial occupancy rates and not employment. that is what dropped sharply first in sf a decade or so ago.