San Francisco’s housing market is still suffering, with condos in the Californian city being sold for as little as half their original value.
The city—a magnet for the thriving tech sector—expected a rise in housing demand after rapid developments in the artificial intelligence (AI) industry. However, sales on condos, particularly in the downtown area are still making losses, to the point where San Francisco is the only major city in the U.S. in which it is cheaper to live now than it was five years ago.
Public listings for condos in San Francisco show heavy reductions in price, with one unit, previously sold for $1.2 million in 2019, settling at $825,000. That’s a decrease of more than 30 percent.
In one particularly bad example, a condo on Mission Street in the heart of the city was sold for $775,000. In 2015, the same unit was worth $1.4 million, meaning it had lost …