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Great post by Elad. Deserves a longer writeup, but I’m still bearish on San Francisco proper in the medium term. Silicon Valley/South Bay is better than SF — but the future is decentralized assets. In 20 years or so, the top five entities in the world may be public chains.
San Francisco has 30,000 car breakins a year. The streets are filthy and a health hazard. It’s extraordinarily expensive. Yet feces and prices rise in tandem! This is a bubble which will burst when the right alternative finally appears, like taxi medallions.
San Francisco can be compared to a terrible product with great legacy distribution. Users hate it & want to leave. But network effects keep people in — for a while at least — as extractive rents continue to soar. When the true alternative finally arrives, exit will be rapid.
