You can argue it all you want but the numbers don’t support it. If the demand is going down then why is it becoming more expensive?
Also, white flight in the 60s was a move to the suburbs- many would consider that given the density of 2020, the suburbs are feeling the same crunch. Bellevue and other suburbs are more expensive than Seattle. I’m guessing there are suburbs of SF that are more expensive than SF.
Prices are dropping in San Francisco, especially condos which are below pre-Covid prices now.
And you yourself said "Bellevue and other suburbs are more expensive than Seattle." Which would infer that yes, people are leaving the city and moving to suburbs.
Of course they are as interest rates are rising quickly. Nobody is talking about it, but free (or almost) money was also a good reason why prices increased that much.
It is still one of the most expensive and sought after places to live in the country, and maybe even the world. You can’t just remove all context from reality to try to make your points. You know this. Be a big boy.
Also, white flight in the 60s was a move to the suburbs- many would consider that given the density of 2020, the suburbs are feeling the same crunch. Bellevue and other suburbs are more expensive than Seattle. I’m guessing there are suburbs of SF that are more expensive than SF.