This is what unemployment has looked like in SF.
April 2019: 11, 900. 2.1%
April 2020: 69,400. 12.3%
This is a much higher rate than the Great Recession of 2007/2008.
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By how much has the denominator diminished? There sure are a whole lotta U-Haulers with which the tech prospectors will take back to their home suburbs now that the code mines have been decentralized.
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If 7.5% of renters broke their leases (which is what the reported yesterday) then 4% of San Franciscans left town.
Maybe a % of those people signed a new lease, but also some homeowners left too.
I think it's fair to say about 36,000 people left SF last month.
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If we can presume that nobody with significant rent control broke their lease (60% of renters, and why would they when they're profitable AirBnBs), the impact of the departures of market+ rate payers (subsidizing the RC) on landlords is worse than the numbers indicate.
And now the value of a stable rent controlled tenant base is proving itself by saving their revenue streams.