What is making this the worst rental market is DRACONIAN rent control laws!!!! It is estimated that landlords have left 30,000 units UNRENTED because it’s that scary to be a landlord!
On my street alone, 4-5 units, which would rent, FMV, for $3,500+ per month are not on the market and standing idle. I mentioned this to a liberal neighbor and the response was that the government should FORCE landlords to rent!
It’s also another reason that AirBnB is so popular among SF property owners/would-be landlords: it’s a way to skirt the hideous rent control laws. Just renting a property at going hotel rates for 30 days is enough to cover the property’s expenses. Rent for longer and it’s gravy. Difi is on the warpath against this, but the people love it. Capitalism lives, at least for now.
Also add to that the number of units purchased by foreigners (largely Chinese) who never occupy them, but are using the units as one of the few ways to secure their assets which are not secure in China.
Liberals never have a problem using the government to force people to do what they want.