#1,888 - San Francisco’s Commercial Real Estate Reset Is Already Happening
News For Reasonable People
English - September 08, 2023 19:00 - 27 minutes - 19.3 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Picture this - San Francisco, a city bracing itself against an unrelenting financial storm. A predicted two-year deficit of $720 million, and a real estate market spiraling towards a 'doom loop', the likes of which we haven't seen for a decade. The remote work revolution has not been kind to San Francisco's commercial real estate, the plummeting home sales and declining transfer tax revenues are painting a bleak picture. But that's not all, escalating apartment construction costs, coupled with challenging interest rates, have the city at the precipice of a looming economic disaster.
Yet, in every crisis, there's an opportunity. Amidst the declining commercial real estate market and dwindling property tax revenue, we've got investors like Presidio Bay Ventures making monumental moves. Their recent acquisition of a vacant 11-story building at 60 Spear Street is a glimmer of hope. It's a chess move that could potentially stimulate market recovery, despite the city's condition. The investment world is playing a game of anticipation, eagerly waiting for the market to bottom out. It's like watching a high-stakes poker game; the question is, who's got the winning hand? Tune in as we dissect the state of San Francisco's real estate market, its impact on the city's budget, and the future that might still be salvageable.
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