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#2,171 - SF’s Former Biggest Landlord Veritas, Now Defaulting to the Tune of $1 Billion, Selling 762 More SF Apartments
News For Reasonable People
English - March 04, 2024 12:00 - 31 minutes - 28.9 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
San Francisco is currently witnessing a major shift in its real estate and retail landscape, epitomized by the downfall of Varius Investments, once the city's largest landlord, now defaulting on $1 billion in debt. This financial turmoil is compounded by the closure of iconic stores like Macy's downtown flagship and a Walgreens Financial District location, signaling deeper issues of safety, homelessness, and declining foot traffic. The city's office vacancy rate has skyrocketed to over 35%, a stark contrast to the pre-pandemic era. Despite the grim scenario, some see a silver lining with potential AI industry growth. However, the challenges of remote work, public safety, and the city's image persist, painting a complex picture of San Francisco's urban economy and its attempt to navigate through these turbulent times.