I shared this because it perfectly illustrates the entirety of all financial markets: no price discovery. In financial theory, they espouse how efficient markets bring price discovery to the forefront, it's a lie. There is absolutely no real price discovery. You have dark pools (I know they're real) where trades occur out of public view. Even retail has no price discovery. Just look at air fare as a good example. Sure, you have lots of price aggregators publishing prices, but not the true prices. Common utilities don't even have true price discovery because it's hidden with tons of variable fees. Real estate is just another trading commodity that has no price discovery because the market is manipulated and skewed by all sorts of factors, too numerous to go into here. But some factors are political, location, private deals, government regulations and so on. I was going to say the bottom was zero, but that isn't always the bottom because of many factors. Big cities are very expensive to maintain. There's an enormous amount of corruption to maintain, not to mention the infrastructure. San Francisco is just the tip of the iceberg of what happens when capital starts fleeing. San Francisco will never recover. Its new role is to serve as a model of what happens when you are not able to orchestrate all the delicate pieces that keep it functioning.