Individual landlords don't have market power. They'll lower the price when their alternative is that the unit stays empty indefinitely. That means when the supply goes up or the demand goes down.
People moving out of the city could reduce demand, if a significant number of people actually do. But this is not a sharp drop and the growth rate is already back to being non-negative:
People moving out of the city could reduce demand, if a significant number of people actually do. But this is not a sharp drop and the growth rate is already back to being non-negative:
https://www.macrotrends.net/cities/23130/san-francisco/popul...
Lower salaries could reduce demand in a different way.
The better way is, of course, to increase supply.