Actually, while many units were built, they were almost all in tall buildings in Soma. Many of those are occupied by renters, and approximately everyone wanted out (100 unit building with a pair of elevators isn’t a covid friendly plan).
Like jeffbee says below: if you take just a little supply or demand out of the system, it can massively swing. As an example, in addition to the flight of many renters, single-family homes are up year over year.
Yeah, the other issue with Soma is that most of the appeal is that it’s in/next to the areas with all the big tech offices, which has been made obsolete. That (in addition to being new construction) commanded a large premium that’s erased. And the homeless situation in parts of Soma has got worse to boot.
Like jeffbee says below: if you take just a little supply or demand out of the system, it can massively swing. As an example, in addition to the flight of many renters, single-family homes are up year over year.