Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

What is the best way to short the San Francisco real estate market?
You could short home builders who do a lot of their business in Northern California.  (Not just San Francisco, Silicon Valley, or even the Bay Area.)  Home prices in Sacramento and the northern San Joaquin Valley are correlated with Bay Area home prices. Many of these builders went broke during the last bust, so you might have trouble finding a publicly traded home builder that is concentrated in just one market.