Which is why I’m looking at (inland parts of) NJ now. It became very cheap even before the hurricane, which will probably depress prices even in unaffected towns in the short term. In the medium term, there’ll be a slight housing shortage till people rebuild. Long term, prices will probably rise due to inflation. Most buyers don’t look beyond the near-term though, and another storm hitting on the eve of a full moon is unlikely in the next 25 years.

(If I buy something in the next month or two, I’d be tempted to rent units at cost for the next year to affected families, then turn a profit a year down the line.)

Regarding Bay Area: Danger, Will Robinson! Danger! Tech Bubble 2.0! Greater than Manhattan-level rents in SF are not sustainable for the long-term.