This past Friday night, there were some very weird people going into the subway station at the same time that I left work, so I lingered and let them go onto the platform, then I slowly and cautiously went there, too, but I went to the opposite end, and I warned the only other person out there to be careful and to keep their eye on them.
And, it was some (Asian-American) guy who had only moved to the city a month ago, and this was like his third time riding the subway.
We talked a bit, and it turns out that he can work remotely, and so he had moved from San Francisco in order to save on rent and to be closer to his parents and to save on some money.
(He had been paying $3400 a month for rent out in San Francisco!)
Anyhow, the neighborhood that he now lives in is one of the ritziest neighborhoods in the city, and he said that the building that he lives in is offering 3 months rent free on move-in...
Downward pressure on rents isn't a bad thing in itself, but it's definitely a sign of economic trouble in what's actually causing that downward pressure, what with all the unemployed and underemployed younger people who've had to move home, from what I've seen of statistics and all the stories that are in the paper nowadays.
The (Asian-American) guy, too, said that he had read somewhere that rents are down like 7-10% right now in San Francisco, from all the people moving out to work remotely and save some money.
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