- Silver Report Uncut
It’s shocking what’s happening to what used to be some of America’s hottest housing markets as the mass exodus from the city accelerates. San Francisco rents have collapsed by the most in history plunging 12% and residents are leaving behind a ton of vacancies as more and more companies are allowing their workers to work from home. The increase in available apartments combined with reduced demand is enabling renters more space for negotiating their leases down and the crazy part is rents never decline in San Francisco. This trend has only just begun and the fact that the cities are only getting worse this trend could crush a lot of these cities who have a huge list of liabilities dependent on an ever-increasing tax base. Auto sales continued their collapse in June despite the expectations that we were in a V-shaped recovery the lack of fleet sales is putting a serious dent on total auto sales and the top three losers declined by over 30% and these were June numbers.