A quarter of a million people have left San Francisco since 2020. Is the city 'dying,' as some claim?
Out of 203 retailers present in the city's Union Square area as of 2019, over 90 have closed since the beginning of the pandemic, as reported by theSan Francisco Mayor London Breed looks on during a press conference at San Francisco Police headquarters on April 13, 2023 in San Francisco, California. She has attempted to tackle drug problems that have blighted the city.
"We are seeing a lot of private and public partnership to save the city's destiny, and that is a good move," Chen told."We are seeing the city removing a lot of barriers for converting the commercial use properties into residential, creating the mixed-use neighborhood of combining retail/office/apartment and single-family housing together. That is a very important step in the right direction.
"Downtown housing, for example, has dropped in value because a large piece of that demand came from office workers who wanted a short commute. That demand has diminished because of remote work," he added."What I think is most likely is an eventual re-configuration of most of the space for other, hybrid office uses."
But not everything is on its way to recovery in the city. In terms of housing, Laura Ratz, another economist at Moody's Analytics, said San Francisco's best days are likely to be behind it. "I think that San Francisco has its unique characteristics," Chen said."San Francisco is the only city so far among all major American metros which hasn't fully recovered from the pandemic.
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