Not sure what cycles you're citing. The bust of the first dot com boom meant lots of people who moved here for that left. The economy shrank, budgets too, but the Bay Area became more affordable. Long term, austerity here is more tied to decreased tax rates than economic cycles.
Are you talking about REO to rental or workers who bought homes
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I imagine workers who bought homes would be more likely to stay. But the last point was about REO to rental, I suppose. Will these mega- landlords forever own insane amounts of housing? Will they collapse or sell off if rental market drops? There's no precedent, hard to predict.
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if they do sell off, then laws should be passed to ban and/or limit 'investing" in housing. Strict limits on foreign buyers coupled with high fees. Same for strict limits on amount of units that can be privately owned.
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