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San Francisco’s Decline is a Warning to Other American Cities (newsweek.com)
Hotel Owners Start to Write Off San Francisco as Business Nosedives – WSJ
Nordstrom Is Closing San Francisco Stores as Cities’ Retail Pain Grows – WSJ
Net $7 billion in income loss as wealthy residents flee SF. A record 35 million square feet of commercial real estate available. Second fastest decline in residential real estate prices in America. Hotels not paying on outstanding debt (because of fewer visitors), including Huntington, Yotel, Club Quarters, Hilton Union Square and Parc 55. Fentanyl capital of the USA. Homeless crisis, public sanitation crisis. Increase in crime, in fact, one of the highest property crime rates in America. Major retailers and major employers leaving. Target, T-Mobile, Walgreens, Nike, Nordstroms, The Gap, Crate & Barrell, Abercrombie & Fitch, H&M, probably Whole Foods are shuttering stores or reducing hours. 90 retailers closed in Union Square since 2019. $780 million tax revenue shortfall. Public transit usage only at 47% of pre-pandemic levels. 29% fewer downtown weekend visitors compared with pre-pandemic. Liberals still want to defund the police. And a dumbass Democrat California Assemblyman thinks the solution is to transform empty office buildings into housing.
Other American cities have seen a post-pandemic rebirth. Why not San Francisco? Why is SF headed in the opposite direction?
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The hotel REITs turning those hotels over to lenders halfway through the mortgage terms are the most shocking to me. I assume after the tax consequences, it was still financially advantageous to abandon the properties. Parc 55 and Club Quarters are really nice hotels. Park Hotels and Resorts stock went up 2% after the announcement (but is down on interest rate concerns).
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I believe the hotels have a five year balloon that is due in the fall. I suspect inflation/Fed response/higher rates/reduced occupancy make the operation uneconomic? The city’s criminal justice reform is degrading the retail environment.
This is a canary not an outlier. No wonder Newsom is looking to fail upwards.
Here's a toast with one last pour, may it last forever and a minute more;
Good fortune seems to you have sung, to live and love way past long -
The world of politics. Newsom blames REPUBLICANS for homelessness, despite the Dems being in control in CA for…well, ever. Homelessness has risen 13% during his term as governor.
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I believe the hotels have a five year balloon that is due in the fall. I suspect inflation/Fed response/higher rates/reduced occupancy make the operation uneconomic? The city’s criminal justice reform is degrading the retail environment. This is a canary not an outlier. No wonder Newsom is looking to fail upwards.
Retail revenue down by 1/3rd at Westfield.
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Cinemark just announced that they are closing down, too…
San Francisco loses another large downtown business as city’s troubles mount (msn.com)
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Here’s the capper: San Francisco won’t allow grocery stores to close.
San Francisco Is Going To Make It Illegal For Stores to Close (msn.com)
My father operated a grocery store from 1979 until the 1990s in Santa Cruz. It is a brutally difficult, margin-challenged business. Unless it’s Whole
PaycheckFoods, it doesn’t make much, if any money. When you add up the pilferage and shoplifting, spoilage, shifting customer base (people aging out, moving out of the area, etc.), it becomes very difficult to close the doors.Food for thought: what if stores like CVS, Target and even fast foods are classified as “providing groceries?” They all do, to some extent. Are they subject to that law?
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