That's a fantastic market with plenty of opportunity if you have the expertise and the cash (emphasis on cash).

If you PM me I will be more than happy to give you more detailed answer as global economics and US economics is something I've studied extensively over the last 6-8 years.Here's an article, that will give you a better outlook at the housing market in Bay Area.

Also, be aware that conforming products (5-year fix with a 20-year amortization) utilize a global debt service which means they look at all of your income from your job and your other businesses and include all your personal and business debt to debt service the property.  

My license is held by a discount shop Global Luxury Realty, since they offer a 90/10 and cap commercial deals at $5k.

As a global comment, a $550k or $700k property that only brings in $3500/month is never going to work.

Are they mom and pop in nature, regional, or national (even global)?

This global issue is not like the crash in 2008 and was not directly caused by the real estate market.

I understand we signed a lease so we are still expected to pay rent, but especially during this global pandemic where two of us have lost our jobs and are struggling financially, I feel as though we should not have to pay, or at least have reduced rent because of this situation since we cannot even utilize our apartment.

Would the building in that scenario be underwritten with a heavier emphasis than usual, or will they still look at my personal finances and repayment ability as well?

I am interested in comparing the 2008 market crash to today's global issue and seeing how the two differ when it comes to market recovery.