Mountain View and Sunnyvale see 15% drop in apartment rents

I see strong parallels in the rent market now and from 2001 when the dot com crash bottomed out.[1]

I also see this as strong support for the 'if you want more affordable housing, build more housing' because clearly at least 15% of the cost of rents was being supported by excess demand over the current supply. I expect this trend will go down further as new apartments that have been built come on the market over the next 18 months.

[1] In that case it was jobs going away, these days it is just permanent work from home means you can work from somewhere that is much more affordable.