alt Hacker NewsBut what about the desirability of San Diego? Was the decrease in rent only because of the increase in supply, or is there also lower demand?
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The majority of the "more housing = cheaper rent" success stories crowed about on the internet correspond with net population exodus. Austin, Minneapolis, now San Diego.
Edit: I think we should build several million more units of housing in the US. I'm salty because all the new housing I've seen is ugly shitboxes owned by national property firms that make everywhere feel like nowhere.
Right. What the reporter calls a "surge in supply" is an increase in "active listings", which doesn't differentiate from listings due to new construction vs listings due to people leaving.
Also, I could not find the "active listings" data in Zumper's report[1]. And then I noticed the chart with the active listing data says it was made by Brenden Tuccinardi/KPBS, so this was done by a reporter, not a Zumper data analyst. It's a bit fishy.
[1] https://www.zumper.com/rent-research/national-rent-report
Very off the cuff but I do see some news about shrinking population - https://www.reddit.com/r/sandiego/comments/1s71z3a/san_diego...