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Economy

Struggling San Francisco takes another big hit as mall owner Westfield flees

2023-06-15

[NYPOST] The pain is getting deeper for the Socialist paradise of San Francisco
...where God struck dead Anton LaVey, home of the Sydney Ducks, ruled by Vigilance Committee from 1859 through 1867, reliably and volubly Democrat since 1964...
as the owners of one of the biggest shopping centers in the city decided to walk away after 20 years, in the face of declining sales, occupancy and foot traffic.

Unibail-Rodamco-Westfield said late on Monday it will transfer its Westfield San Francisco shopping mall to lenders.

The announcement followed Park Hotels & Resorts statement last week that it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels.

Westfield’s decision is the latest blow to San Francisco, the once-booming tech hub that has been particularly hard hit by the pandemic.

Office buildings lie empty as more people work from home, compounded by major layoffs by large tech companies.

The hit coupled with a rising US interest rate environment has made it costlier for companies to refinance their outstanding debt on these buildings, prompting loan payment cancellations or transfers of the properties back to lenders.

Posted by:Fred

#8 Choose your starting diffculty:
Easy
Medium
Difficult
San Francisco

Event!
"You city has died of dysentery"

Posted by: swksvolFF 2023-06-15 16:07

#7 So, there is a new Cities: Skyline game coming out. Looks amazing; been a Sim City player but the last one left me wanting.

But get this: early purchasers can get the exclusive San Francisco expansion. I am curious...

Posted by: swksvolFF 2023-06-15 14:23

#6 ^ Don’t park your car next to any vehicle that has a white duct tape X across the roof.

Posted by: Super Hose 2023-06-15 14:02

#5 What are the tax write-offs against maintenance cost? How much do they depreciate as the property ages? At some point many structures are 'too old to repair' because of depreciation ...and then the homeless / druggies / Antifa turn the property value to zilch. Welcome to downtown Mogadishu, friends.

Posted by: magpie 2023-06-15 13:32

#4 Used to meet up with a West Coast bloggers group at the food court there once a month. That was 20 years ago - an alternate universe in all respects.

Posted by: Rex Mundi 2023-06-15 13:00

#3 Seem to blame everything but the policy makers.

Then fails to point out that other policy makers look at San Francisco as a guide.

Posted by: swksvolFF 2023-06-15 12:26

#2 SF would be circling the drain, if it wasn’t plugged with trash.

Posted by: Super Hose 2023-06-15 05:32

#1 Run away! Keep running!

Posted by: Raj 2023-06-15 00:49

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