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Not just Oakland anymore. That happens in SF all the time now.
Despite the AI Hype, Office Markets in San Francisco & Silicon Valley Get Even Worse
by Wolf Richter • Oct 4, 2023
Availability rate in Q3 spiked to 36% in San Francisco. Sublease space nearly doubled YoY in Silicon Valley. Leasing activity collapsed. More landlords default.
https://twitter.com/ColumbiaBugle/status/1709671957577560130
ColumbiaBugle
Lol these are being passed around in Eagle Pass.
“San Francisco Welcomes Immigrants”
“Lax Shoplifting Laws”
Why is it printed in English???
Seven (!) Starbucks Closing in SF is Demise of Downtown Culture
Mayor Breed’s disastrous policies mostly to blame...
Mayor London Breed imposed, arguably, the toughest and most prolonged lockdowns for Covid in America, with disastrous results. Barring public gatherings for months longer than necessary has clearly taken its toll. While other cities across the nation survived, even thrived, Breed’s San Francisco gasped for air, and still does. Coupled with her eagerness in 2020 to defund our police department by taking $120 million from their budget, as well as pushing to remove any mandated minimum staff levels of police officers, her decisions created much of the economic disaster we San Franciscans are experiencing today. Add to this, her insane record-high annual city budget of $14.6 Billion when we can’t afford it (and shouldn’t afford, either). Homelessness, tent encampments, mentally ill addicts roaming the streets day and night, often sleeping in Starbucks shops, some bathing in the toilets, if not partaking in their drug of choice. With offices vacant, the customers stopped coming. Tourists were understandably chased away by concerns for safety. Remote workers preferred to be even further remote.
San Francisco police took a man into custody Sunday following a violent early morning episode on Market Street that sent four people to the hospital.
Police said in a statement that officers responded around 7:45 a.m. to a report of an assault at Market and Stockton streets, followed moments later by a reported stabbing less than a block away near Fourth and Market streets.
Officers arrived at the scene and detained a man suspected of stabbing three people and assaulting another. They said the man, whom they did not identify, remained in police custody on unspecified pending charges.
All four victims were taken to a hospital for treatment. Details on their conditions were not available Sunday afternoon.
On Wednesday, police identified the suspect as Effrim Baker, 60, of San Francisco and said he had been arrested on suspicion of three counts of aggravated assault and attempted homicide, and counts of elder abuse, aggravated assault with a weapon and robbery.
Viewpoint: Is San Francisco on the road to bankruptcy?
Hans Hansson
San Francisco, a city once known for its iconic landmarks, vibrant culture, and technological innovation, is facing a looming financial crisis that could lead to bankruptcy.
Tech employers like Yelp and Airbnb that once made San Francisco their home have now either fled the city or closed offices in favor of working remote. This has led to massive reductions in commercial property values —and associated tax bills.
Despite recently increasing its budget by 2 percent for the coming year, the city is grappling with the harsh reality of a potential 50 percent or more reduction in commercial real estate property taxes, and the hits keep on coming. It is a road,map to the roadmap to bankruptcy if we don’t change course.
The city has relied on property taxes as a staple of its revenue stream for many years. A significant portion of the city’s budget depends on a steady inflow of property tax revenue, primarily from commercial real estate. However, the ongoing reassessment process could severely undermine this source of income. Property owners seeking a reassessment may lead to substantial reductions in tax revenues for the city, which won’t materialize for several years.
This delay is a ticking time bomb, with potentially disastrous consequences for the city’s financial stability.
Once the property reassessments are completed, San Francisco will be obligated to reimburse property owners for the excessive property taxes they paid during the reassessment period. This could result in a substantial loss of revenue for the city, creating a financial chasm that might be challenging to bridge. The sudden financial burden of these reimbursements, combined with the reduced property tax revenue, will leave San Francisco in potentially dire straits.
But even bankruptcy might not fully address the city’s mounting fiscal woes. Pensions represent a substantial portion of San Francisco’s annual budget. However, under bankruptcy laws, pensions are typically protected, meaning that even in the face of severe financial distress, the city would still be obligated to fulfill its pension commitments to retirees.
In any case, if San Francisco were to file for bankruptcy, it would mark a grim chapter in the city’s history. Bankruptcy would entail a series of challenging decisions and painful sacrifices. The city’s leadership would have to make tough choices regarding public services, infrastructure, and city employee salaries, all while ensuring that pension obligations are met. These decisions can lead to reduced public services, deteriorating infrastructure, and potentially lower quality of life for residents.
Bankruptcy would of course have broader implications for San Francisco’s reputation and ability to attract investment. Credit ratings might plummet, making it more expensive for the city to borrow money for essential projects. Investors could shy away from a city with financial instability, potentially stalling future economic growth.
San Francisco’s financial situation is precarious, with the potential for bankruptcy looming large on the horizon. The delayed impact of property tax reassessments, coupled with the protection of pensions, presents a significant challenge to the city’s financial stability.
While bankruptcy is not an inevitable outcome, the road ahead is undoubtedly fraught with difficult decisions and potential hardships for residents. San Francisco’s leadership must navigate this treacherous journey carefully, exploring all possible avenues to avert a financial disaster and secure a prosperous future for the city.
Hans Hansson is a San Francisco native and holds over 35 years of experience in San Francisco commercial leasing and sales. He is the founder and president of Starboard CRE, the largest independently-owned commercial real estate firm in San Francisco.
San Francisco paying $12,000 per month for homeless RVs while tech workers sleep in $700 ‘pods’
By Marjorie Hernandez
Oct. 10, 2023
San Francisco is pouring millions of dollars into an RV park for the homeless, while young people trying to get a break in their careers are reduced to living in 4-feet high by 3.5-feet wide “pod” spaces for $700 a month.
The city opened a “safe parking site” at Candlestick Point in January 2022, which is home to 30 RVs — each of which cost the city $12,000 a month to keep there, according to the San Francisco Chronicle.
The site, named the Bayview Vehicle Triage Center, has been recommended to be opened for another two years, which will cost the city at least $12.2 million.
Despite living rent-free and having 24/7 security, some residents at the RV park don’t enjoy it.
I still don't understand the idiocy of putting tech companies inside the ess-eff. It wasn't even a thing until mid 00s.
Westfield mall receiver appointed after lenders sue
Williams wrote in the declaration filing last week that "the most significant issue relating to the Mortgaged Property is security." He aims to retain a third-party security consultant and fully-insured third-party security personnel as well as potentially off-duty and retired San Francisco Police Department officers. Additionally, he described stationing guards and security canines at the property at each entrance and exit, on surrounding sidewalks and the property perimeter to control the flow of people in and out of the building.
"These actions have proven extremely effective in deterring crime at malls, especially in inner city or downtown locations," Williams wrote in the filing. "Based on my experience, I believe these security measures will discourage bad actors from engaging in bad acts, and will provide comfort to customers knowing that security at the Mortgaged Property is in place."
San Francisco paying $12,000 per month for homeless RVs while tech workers sleep in $700 ‘pods’
Viewpoint: Is San Francisco on the road to bankruptcy?
I still don't understand the idiocy of putting tech companies inside the ess-eff. It wasn't even a thing until mid 00s.
San Francisco will not recover from the devastation that wokeness causes until Columbus is put back in his rightful place on Telegraph Hill.
Gosh, you think it might have something to do with idiocy like this?
Patrick says
Gosh, you think it might have something to do with idiocy like this?
It isn't idiocy, it's kickbacks. Nobody is getting kickbacks from tech workers sleeping in pods.
may explain increase in RV camps or new age Hooverviiles
San Francisco high-rise apartment building NEMA loses half its value - $264MILLION - in the last five years
One of the largest apartment buildings in the Bay Area is facing possible foreclosure
The community around NEMA has dramatically declined as crime, homelessness, drugs and results of the pandemic took over
The 754-unit apartment building went from a value of $543.6million to $279million in the past five years
I know that corner. It's in the middle of the zombie apocalypse right by City Center.
Patrick says
I know that corner. It's in the middle of the zombie apocalypse right by City Center.
Like I've always said, parts of California are becoming high tech versions of Detroit.
https://notthebee.com/article/convicted-child-molester-sets-up-a-tent-across-from-san-fran-school-offering-free-fentanyl-for-new-users-police-say-they-cant-remove-him
Cops just WON'T stop him. A bullet would though real quick.
richwicks says
Cops just WON'T stop him. A bullet would though real quick.
Nothing stopping you from taking such action. Of course, if either you or the cop did that, you would be locked up forever. This is not the cop's fault; the cop is limited by the rules put out by the people California elected.
https://www.msn.com/en-us/money/markets/poverty-rates-increased-sharply-in-california-in-2022-here-s-who-was-hurt-the-most/ar-AA1iq1bb
1337irr says
https://notthebee.com/article/convicted-child-molester-sets-up-a-tent-across-from-san-fran-school-offering-free-fentanyl-for-new-users-police-say-they-cant-remove-him
Cops just WON'T stop him. A bullet would though real quick.
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