Homebuilders and developers adjusted to new reality of higher rates, growth back on track, for single-family since February, for multifamily since August.
Spent its entire life burning $13.8 billion of investor cash. Landlords got free manna from heaven and can’t complain. A good scheme while it lasted for everyone but investors.
Availability rate in Q3 spiked to 36% in San Francisco. Sublease space nearly doubled in Silicon Valley. Leasing activity collapsed. More landlords default.
