San Francisco is coming back to life. Nothing is quite normal, but there is some semblance of normalcy. Businesses are opening up. People are eating at restaurants outside. Once boarded-up retailers are shedding the armor and welcoming back masked patrons. Stock markets and tech companies are bullish again. People are generally more hopeful.

But what we’re feeling is a false sense of security. Trouble is still brewing.

Sign up for The Bold Italic newsletter to get the best of the Bay Area in your inbox every week.

As a licensed commercial real estate agent who grew up in the Bay…