For San Diego, the rents have been somewhat stable over the last few housing crashes. For many condos, it is breakeven to purchase or rent, minus the 20%, but with banks paying 0% it sure it enticing for many to lock in fixed 30 year payment. If inflation continues, rents will not go down unless unemployment keeps going up with the accelerated decimation of the middle class.
2,000 people a day may think about leaving San Diego (reference to pithy “2,000 people a day are moving to FL” catchhrase, circa 2005 ), but not that many do. Canadians and other foreigners with money are purchasing some places here.
Even a Republican President would not dare to upset the entrenched housing subsidies.
