CALIFORNIA’S CONTINUING COLLAPSE! Posted on California’s Continuing Collapse California’s rapid descent is starting to remind me of the old Hemingway line about how someone went bankrupt: “Gradually and then suddenly.” The The migration from the Bay Area appears real. Residential rents in San Francisco are down 27 percent from a year ago, and the office vacancy rate has spiked to 16.7 percent, a number not seen in a decade. Though prices had dropped only slightly, Zillow reported more homes for sale in San Francisco than a year ago. For more than a month last year, 90 percent of the searches involving San Francisco on moveBuddha were for people moving out.