No guarantees it will hold value but historically that seems to be the case.

I remember it being a really fun place with a classy historic downtown.

All this historical data of case study in-hand I think it's to say any housing "collapse" of 30% or more is off the table barring apocalypse. 

Historically, index funds outperform real estate with no leverage. 

Keeping this apolitical, but also analyzing historical data could help investors. 

On the bright side, San Diego is a landlord's market to command high rents and interest rates are still historically very low so buying a 2-4 multi family property and using the BRRR is a great option.

I won't be investing in the riskiest/most supportable asset subclasses such as hotels, and tilt my portfolio the ones that have historically been more stable such as multifamily and single-family housing.

Rates are higher than they were, but historically (ie not the last 10 years) they are pretty normal. 

The days of banking on vacancy-based resets or buyouts as your core strategy are gone.The deals that still “pencil” tend to look like this:You underwrite long-term stable yield, not big upside.You assume minimal rent increases (or none).You price in legal/operational friction.You negotiate hard because sellers are fatigued and there are fewer buyers willing to take these on now.You diligence each tenant’s regulatory profile—not just lease terms, but age, household makeup, income certifications, and historical registrations.If you go into this expecting returns of 10%+, it will look terrible.

The objective here is to own and preserve a unique and historic property with provenance dating to before the American Revolution that is also able to pay for itself.