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Iconic San Francisco Hotel Has Lost 90% of Its Value, Owner Says
The Chase Center. The Westin St. Francis Hotel. The Transamerica Pyramid.
These properties are among the most iconic in San Francisco, but what they also have in common is their owners are applying for dramatic cuts in their assessed values in a worrying sign for the city’s fiscal health.
At Chase Center, property owners are attempting to cut the city’s assessed $1.48 billion value for the stadium by some 58% to $635 million.
The owner of the Transamerica Pyramid, New York developer Shvo, which purchased the building in 2020, is seeking a 53% reduction in its assessed value from $485.5 million to $227 million.
The Westin St. Francis Hotel owners are applying for a more than 90% decrease in its assessed value of $787 million all the way down to $76 million.
A Los Angeles hotel sustained $11.5 million in damages while the city used it as a federally sponsored homeless shelter.
The city included the Mayfair Hotel in Project Roomkey, a federal initiative to turn California hotels into temporary homeless shelters. At the end of the hotel's time in the program, the city quietly paid the hotel's owner to cover damages from residents. Social workers assigned to the hotel lamented its condition in emails obtained by the Los Angeles Times.
"Participant in 1516 Threatened staff, Security, destroyed property. Screamed. Yelled cursed. Everything went wrong with her. Inside and outside the building," one social worker wrote. Another recounted how "a male in 1526 assaulted another resident in Room 726."
The Mayfair represents the latest instance in which state and local governments have paid a huge price to address the homelessness crisis in California.
San Diego in April requested state funds to buy three hotels at $383,000 per room to house its homeless population. The city saw homelessness hit record highs in the months leading up to the purchase.
Between September 2021 and June 2022, the city of Berkeley alone removed 75 tons of garbage, drug paraphernalia, and human feces from homeless encampments. With an estimated 535 people living on the street at the time, the city removed roughly 500 pounds of waste per homeless person per year.
In July, President Joe Biden's Department of Housing and Urban Development announced its investment of $3 billion into Housing First programs across the country.
It has come to this. San Fransisco is becoming such a crime-ridden hellhole that even the government is throwing in the towel. Just The News ran the very ironic story yesterday headlined, “* Workers at Nancy Pelosi Federal Building in San Francisco told to work from home due to crime.”
Welcome to 2023, where satirical websites like the Babylon Bee are forced to compete with real-life headlines that that one.
Earlier this month, officials at HHS advised hundreds of federal employees to work from home indefinitely rather than risk commuting to the downtown federal building, which has become a hotspot for street drug deals in recent months. There’s some kind of metaphor here, but I can’t quite put my finger on it. Help is welcome in the comments.
“In light of the conditions at the (Federal Building) we recommend employees … maximize the use of telework for the foreseeable future,” HHS Assistant Secretary for Administration Cheryl Campbell wrote in an August 4th memo obtained by the San Francisco Chronicle.
If even the federal government is fleeing San Fransisco, what hope do the residents have? Get out while you can!
Ironically, the HHS memo reportedly was issued the very same day that Joe Biden called on his cabinet to “aggressively execute” plans for federal employees to return to their offices after working remotely since the COVID-19 pandemic first began. But not in San Fransisco, apparently.
So that’s the federal government’s plan to keep its employees safe. Evacuate San Fransisco.
Lenders have taken back a newly constructed condo project in Mission Bay by a prominent local architect that has sat vacant since its completion, an apparent victim of sluggish city processes and San Francisco’s challenging real estate market.
Avid Bank has assumed control of the building at 603 Tennessee St. from developer Sol Properties, according to property records, which listed the amount of unpaid debt on the property at $15.4 million.
Arcon Construction Group, the building’s general contractor, had previously filed a lien on the property claiming around $1.07 million in unpaid construction fees. ...
According to data from real estate brokerage Compass, median condo prices in San Francisco peaked in 2021 and have fallen annually since then. Median prices have still not recovered to pre-pandemic levels. Additionally, federal interest rates have dramatically increased over the last year, making financing prohibitively expensive for many.
San Francisco refuses to arrest criminals. San Francisco refuses to get the homeless off the street. It makes the coffee business difficult — because if you think a $4 coffee is theft, you haven’t seen what owners go through here.
The list of closed San Francisco businesses is an ever-growing document. In June, a beloved coffee shop called HRD Coffee in SoMa (South of Market) closed. It has been in San Francisco since the 1950s. Guy Fieri visited in 2010.
Again, the pandemic didn’t help. But neither did the city. The owner says he was refused permission to create a parklet for outdoor dining. The office-working lunchtime crowd disappeared in 2020 and never returned.
The owner said it better than I can show it: “I would love to remain in San Francisco as a business. But the question is, would any sane person?"
On a nearby street in SoMa, the Bay Area’s own Blue Bottle Coffee shut down its second oldest location in the city. Whole Foods — another favorite in the Bay Area — closed its massive Market St. location after just a year being open.
Most Starbucks cafes in the City by the Bay have done away with chairs. Starbucks can’t admit the cause of this outright (for political reasons) but everyone knows why: chairs in the cafe are an invitation for drug-addicted homeless people to indefinitely occupy the space. The same is true with bathrooms.
Council meeting in affluent San Francisco neighborhood descends into chaos as residents protest turning hotel into homes for 100 homeless people
San Mateo officials want to place 100 homeless people in La Quinta hotel
Hundreds of Millbrae residents packed out a meeting to protest the plans
They drowned out speakers with booing in scenes akin to a sports stadium
The controlled demolition of San Fransisco continues. A video clip making the rounds this weekend shows a San Fransisco woman who reported an unpleasant encounter with an unpleasant individual while shopping:
https://twitter.com/KyleKashuv/status/1688432633745666048
One can forgive her for asking her assailant the ridiculous Karenic question, “did you just spit in my face??” Although the type of person who will spit in your face is clearly unlikely to engage in a reasonable debate about it, she was shocked after all. A more compelling issue is that one wishes to ask whether she voted for the policies that created the environment where random men spit in her face in the first place.
One suspects that she did.
The thug’s threat to “rape” her constitutes the crime of assault, and spitting in her face is battery, both of which in normal times would have resulted in a arrest and prosecution. But note very well that the woman in the clip doesn’t even mention police. She never even called them. Why not?
Maybe because she knows that, after sixteen rounds of “defunding,” and after watching thousands of low-level criminals be not prosecuted, police won’t — or can’t — do anything about it?
Inside San Francisco’s Illegal Dumping Crisis: Buckets of Feces, Endless Trash
https://www.dailymail.co.uk/news/article-12436929/Nordstrom-Rack-store-robbed-california-flash-rob.html
See above link. Not San Fran, but southern California again getting hit with thug flash mobs robbing stores like Nordstrom and Macys.
.
https://www.dailymail.co.uk/news/article-12436929/Nordstrom-Rack-store-robbed-california-flash-rob.html
See above link. Not San Fran, but southern California again getting hit with thug flash mobs robbing stores like Nordstrom and Macys.
.
The crackdown comes as the city grapples with high rates of car break-ins, with San Francisco seeing over 22,000 reported last year, according to SFPD data.
The crackdown comes as the city grapples with high rates of car break-ins, with San Francisco seeing over 22,000 reported last year, according to SFPD data.
That's 60 a day, and those are only the ones reported to the feckless polic
Wonder how much California car insurance rates have been affected by this.
https://t.me/gatewaypunditofficial/34806
This is as cowardly and disingenuous of a statement
Next, some news from the controlled demolition of San Fransisco, in two recent New York Post headlines.
First, from August 25th (last Friday):
Guess how many of the people who looted the San Fransisco Nordstrom location have been arrested? I’ll give you a hint: fewer people than were arrested for San Fransisco mask violations. Actually, it was zero. Zero arrests.
Next, four days later, yesterday’s headline (Monday):
A sad day indeed. And not just because the San Fransisco store was considered Nordstrom’s “flagship” store and had been operating for 35 years.
Why don’t they just rip off the band aid and go ahead and make shoplifting legal in California?
The good news is Nordstrom’s departure will depress real estate prices even more, allowing oligarchs a chance to buy the insanely-valuable downtown properties up for pennies on the dollar, after which the City can suddenly begin prosecuting its brownshirts, I mean criminals, again. It’s like Lahaina, except slower.
But wait! There’s a ready solution to all this crime that’s destroying our once-grand cities! Smart cities. Or Fifteen-minute cities, or whatever you call it. Where everything you need is located right where you live, right in your own high-rise prison, I mean skyscraper.
Who wants to bet we’ll be hearing about turning San Fransisco into a smart city soon?
The good news is Nordstrom’s departure will depress real estate prices even more, allowing oligarchs a chance to buy the insanely-valuable downtown properties up for pennies on the dollar,
I could believe the fire sale scam. However, how do the fire sale artists unlodge the faked election cycles and the moron apparatchiks, and then clean up the drug and homeless infestations? There has to be something to attract the business back to improve valuations.
There has to be something to attract the business back to improve valuations.
However, how do the fire sale artists unlodge the faked election cycles and the moron apparatchiks, and then clean up the drug and homeless infestations?
After an overheated pandemic peak, home sales and sales prices across all segments have dipped—but the city’s most expensive homes have taken an even steeper dive. ...
A property at 3410 Jackson St. in Presidio Heights was put on the market in February at $23.5 million before eventually selling at $18.5 million in May.
Less than a mile away in Cow Hollow, a property at 2660 Scott St. that was listed for sale in January at $16.5 million sold in July at $13 million.
In Sea Cliff, a property at 9 25th Ave. that first went on the market last September at a $32 million asking price, saw a series of price drops before selling in April for $20 million. ...
In July, the median price per square foot for homes over $5 million in San Francisco was $1,468, a more than 20% decline from the number one year prior, based off three-month rolling data.
Sales for homes over $5 million in San Francisco are down 56% year to date in 2023 compared with a year prior. ...
Brokers like Stiewe attributed some of the drop-off in San Francisco to larger concerns among residents about urban problems like homelessness and public safety. ...
Lazier said she’s found high-net-worth families moving to San Francisco, drawn by the city’s strong labor market and tech industry, have taken to renting expensive properties instead of buying. ...
Cow Hollow, a property at 2660 Scott St. that was listed for sale in January at $16.5 million sold in July at $13 million.
Sales for homes over $5 million in San Francisco are down 56% year to date in 2023 compared with a year prior. ...
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