July 15, 2024

Housing prices and restaurant reservations

Are democrat-run cities like New York, San Francisco, and Seattle are destroying their Economies and Housing Markets in 2022? Real-time data from both OpenTable and Zillow are showing big economic problems in these cities. Could an Economic / Housing Crash be around the corner?

Real-time data from OpenTable is showing a massive decline in dining and eating out in Democrat / Liberal Cities. For instance, New York restaurant reservations are down by 65% from their pre-pandemic trend. Meanwhile, a market like Miami is UP by 15% over the same span.

Opentable Data: https://www.opentable.com/state-of-in… Zillow Data: https://www.zillow.com/research/data/

Housing prices and restaurant reservations

San Diego aerial photography - Housing prices and restaurant reservations

A similar situation exists when comparing Dallas to San Francisco. Dallas, one of the hottest Housing Markets in the country, is down by 15% on restaurant reservations compared to 2019 levels. Meanwhile, San Francisco is down by over 60%. A similar trend also exists in Tampa v Portland.

This data from OpenTable suggests that the society, economy, and overall activity of Democrat-run Cities is really struggling. Meanwhile, cities in traditionally Republican States, such as those in Texas, Arizona, and Florida, are doing much better and are back above their level of 2019 restaurant reservations.

This data also has large implications on the 2022 Housing Market in these cities. Comparing the OpenTable data to home value data from Zillow shows that changes in restaurant reservations are a strong predictor of changes in home prices. For instance, home values in Austin, TX – which is in a red state – are up 33% adjusted for inflation, the highest of any large city in America. Meanwhile, inflation-adjusted values in Minneapolis, Cambridge, and New York Real Estate Markets are in negative territory.

This data from OpenTable and Zillow sends a big message to leaders in Democrat-run areas (Gavin Newsom? Eric Adams?). For the sake of the local restaurant industry, economy, and housing market, potentially embrace new policies that will result in more people visiting and moving to your cities/states.

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