Ex-migration will find SF strapped for taxes. They will find it hard to layoff workers or reduce their wages/hours to what their reduced sources of taxes will support.
This a rock and a hard place problem. Their loan rating will come under downwards pressure. The state has similar problems - it depends on far they move? City and state sales taxes will decline.
This come from decades of excess wages and benefits that are already unsupportable - it will get worse. If the remote work reality becomes nation wide, many smaller cities will enjoy a re-birth. This is good.
>Ex-migration will find SF strapped for taxes
Why do you think there won't be a crop of young people moving to SF now that it's cheaper?
Beacause they just left?
AFter Covid, there may be a counter movement - it depends on the permanence of remore work. High tech industries favor remote work, so that draw might be reduced? SF as well as California will have to manage rents and taxes to eliminate decades of rising data business related IPOs that had started to erode SF/state costs of living - the exodus is several years old, VOVID peaked it. This is hard to predict well.
It'll be interesting if the homeless population moves back into houses, stays on the street or moves on.