Yup. Everyone claimed it wasn’t supply and demand, but as soon as Covid and WFH hit (and people could live anywhere), rents dropped fast in SF, probably ~20% in 6 months.

Amazing!

Oh, no argument - but for how long relative to the time they have been going up? I wouldn’t say they never go down but there’s been a pronounced trend for ages. I bought a house relatively early (thanks dotcom bubble!) and was constantly reminded of how much extra income I had relative to my friends who were renting, and that really adds up over the decades where people in decent jobs were struggling to amass down payments.

Housing tends to go up over time due to inflation, government regulation, and increasing population competing for the same housing stock.

Housing in many rural areas has stagnated, because people don't want to live there.