Reply to San Francisco is imploding

Forum Index » Political Discussion

Reply to "San Francisco is imploding"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]DD and her friends went to SF for the day/late night a few days ago. It’s fine and wasn’t dangerous. It’s also still crowded with lots of traffic.

Retailers are very dependent on commuting workers, business travelers and tourists. Pre-pandemic it was a big thing for wealthy Chinese to fly to SF or LA to shop for luxury brands bringing back suitcases of goods. Business travel has still not recovered.

The other issue that will slow SF bouncing back is the SV bank collapse. The big FAANG companies are on the peninsula and South Bay. SF had satellite offices and start ups. Interest rates and the SV collapse has really hit start ups. [/quote]

It doesn't matter than tech companies are there. People are working from home and are demanding it. They're fleeing extremely high cost of living areas littered with homeless, open drug use, defecating/urinating in the streets, and rising crime.  Office buildings for these tech companies are remaining vacant. Landlords are losing massive money hand over fist if they can't find occupants, and the value of the RE goes down. That means the tax base for the city is imploding. Major hotel chains are leaving the city.  Bookings for the convention center in SF are severely down through 2027.  It is not just a short term downturn. A few anecdotal stories of safe travels to SF aren't disproving what's obviously happening in SF.  First commercial RE implodes. Next comes a big correction to residential RE (prices are already going down in SF).  The city loses huge amounts of money because property values tank, business renvue tanks so there are less taxes, and there are less incomes to tax because WFH.  In a panic move, the city's only option will be to hammer residents with huge increases to income taxes. Watch, it will happen. SF went from fine to now having gigantic budget deficits due to big losses in tax revenue.  It's Baltimore all over again.

And SF really isn't that much prettier than Baltimore. Baltimore was once beautiful too in its heydays with stunning homes, a water front , big parks etc.,  but it is now rundown because of 60 years of rot. Why would SF be magically immune? No city is once they enter a death spiral.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics