San Francisco decline continues
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In other news, the locals figured out that bus drivers can't enforce fares, so 50% of riders in SF now just get on the bus without paying. The most reliable payers are tourists, who aren't aware that the locals skip that part.
The mayor London Breed attempted to have an outdoor press conference recently, and was shouted down by the fed up locals. The PC went unfinished, and the mayoral retinue retreated.
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You’d figure that when rent gets too high, people start leaving, vacancy goes up, and the landlord would lower the rent to attract tenants, and things will return to equilibrium again.
Is this not happening? Why are landlords not lowering the rent if indeed too many people are leaving?
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You’d figure that when rent gets too high, people start leaving, vacancy goes up, and the landlord would lower the rent to attract tenants, and things will return to equilibrium again.
Is this not happening? Why are landlords not lowering the rent if indeed too many people are leaving?
@Axtremus said in San Francisco decline continues:
You’d figure that when rent gets too high, people start leaving, vacancy goes up, and the landlord would lower the rent to attract tenants, and things will return to equilibrium again.
Is this not happening? Why are landlords not lowering the rent if indeed too many people are leaving?
Residential rents are going down. I checked my old apartment and the rent was 20% cheaper than what I was paying 8 years ago.
For retail - I’m guessing they need a certain amount of foot traffic to cover their fixed costs (of which rent is just one).
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San Francisco Office Vacancy Rate Reaches New Record High
A ghost town.
That's how many have begun referring to San Francisco's downtown and Financial districts as the number of vacant retail spaces and office buildings seem to climb daily.
Normally, as supply goes up, rental prices go down. But so far that is not happening in the city.
https://www.nbcbayarea.com/news/local/san-francisco-office-vacancy/3204043/
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Problems...
It takes money to run a city. No commercial or residential tenants, no cash flow and property owners go belly up. No property owners, no property taxes. And the property becomes harder to lease or rent under the circumstances that currently exist.
No money, no city.
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Problems...
It takes money to run a city. No commercial or residential tenants, no cash flow and property owners go belly up. No property owners, no property taxes. And the property becomes harder to lease or rent under the circumstances that currently exist.
No money, no city.
@Jolly said in San Francisco decline continues:
It takes money to run a city. No commercial or residential tenants, no cash flow and property owners go belly up
Haven't two large hotels just walked away from their leases?
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@Jolly said in San Francisco decline continues:
It takes money to run a city. No commercial or residential tenants, no cash flow and property owners go belly up
Haven't two large hotels just walked away from their leases?
@George-K said in San Francisco decline continues:
@Jolly said in San Francisco decline continues:
It takes money to run a city. No commercial or residential tenants, no cash flow and property owners go belly up
Haven't two large hotels just walked away from their leases?
Yep.
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There were 563 overdose fatalities in the Golden City between Jan. 1 and Aug. 31, according to a recent report from the San Francisco chief medical examiner. This puts the city on track to hit 845 overdose fatalities in 2023, the San Francisco Chronicle reported, far surpassing the record 725 in 2020.
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Makes you wonder if the city’s policies are actually responsible for making the situation worse, and are partially responsible for increasing the death toll.
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Interesting development today. The Democrat mayor announced a plan to require the homeless to participate and drug programs and take drug tests to get benefits. The council is likely to oppose her.
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Interesting development today. The Democrat mayor announced a plan to require the homeless to participate and drug programs and take drug tests to get benefits. The council is likely to oppose her.
@LuFins-Dad said in San Francisco decline continues:
Interesting development today. The Democrat mayor announced a plan to require the homeless to participate and drug programs and take drug tests to get benefits. The council is likely to oppose her.
Too bad drug programs don’t work for people who don’t want help.
Education is extremely important.
