San Francisco will stage a comeback. I was in SOMA as early as 2003 when the creative offices were considered toxic economic real estate and were being purchased by residential developers to convert into apartments. What helped San Francisco turn the corner were the lifestyle, restaurants, bars, Giants, Warriors, Tech Conferences, Tech parties, tech meetings, tech socializing, tech exhibits. This attracted a flood of young software engineers into the City to experience that lifestyle. Then the employers followed. An example of SF lifestyle is what happens to SOMA during a Giants game during the work week when SOMA shuts downs and everyone is walking to the stadium. All of that is shut down now. I agree that SF pricing got ahead of itself and perhaps rents will need to fall and slowly recover to allow a catch up. But the City has a lot to offer. Once the politicians switch horses (including the progressives) and help the recovery as they did in after 2005 (took a while to come along)–the recovery can gain some steam.
PMI Properties 