Alright, Schadenfreude and "I told ya so" are over. San Francisco is just plan saddening now

The (joint) owners of San Francisco’s biggest shopping center “Westfield San Francisco Centre” has given up and has announced it will be surrendering the property back to the lender.

The decision comes not long after one of the mall’s key tenants, Nordstrom’s announce it will be closing its store there.

From the CNN article

" . . . a Westfield spokesperson attributed Nordstrom’s closing to “unsafe conditions for customers, retailers, and employees.”

From the article by the San Fran Standard

In the wake of Nordstrom’s announcement that it would close its store in the Westfield mall, the co-owner Unibail-Rodamco-Westfield said the planned closure “underscores the deteriorating situation in Downtown San Francisco.” Businesses are leaving Downtown due to unsafe conditions, the company said.

https://www.cnn.com/2023/06/12/business/westfield-giving-up-sf-mall/index.html

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Progressive liberals followed their ideology and made everyone a victim. Victims vote for Progressive liberals. And if there are not enough victims, Progressive liberals will just make some more.

Would love to see the graph on mall closures over the past 10 years or so……… not a hint or anything :upside_down_face:

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Without tenants, the mall fails. Same thing with Hotels. No guests, they fail. San Francisco has become a lawless dystopian wasteland.

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I have a pretty simple metric re: the urban apocalypse that wingnuts so desire and see at all times. See this?

When SF’s property values and cost of living are not among the highest in the world, when the collective desire for people to live there has clearly cratered—the Americans right can celebrate, I guess.

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Wow the Westfield mall of SF that is just sad

When will the market reflect that claim?

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“If you owe the bank a hundred dollars that’s your problem. If you owe the bank a hundred million dollars that’s the bank’s problem.”

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Not long ago a homeless couple was found to be living in a small cave north of SF. It sold for $900K.

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Any cave in the Bay area is now twice that—especially with parking.

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The market is beginning to reflect it with the abandonment of real estate by tenants.

Damn…I must have missed it when I went to see the Giants, hung out near the piers…and visited my daughter near union Square.

Oh…and the exchange students we were hosting loved Alcatraz and hanging out in various parts in the city…by themselves a couple weeks later.

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All the malls are just sad…they need to go away…the 80’s need to die…

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The malls in Wisconsin have been going downhill so fast the last decade or so. Turns out, in this century the 80s mall setup isn’t that popular. Change is good.

About 15+ years ago, an older mall style shopping area, was razed, and a new style, with mixed shops, outdoor restaurants, apartments, and a few large stores (best Buy) was built… it has been quite successful. It is a bit pricey, then again, it is in Silicon Valley, so there is a lot of money here. But still affordable for many, on occasion. Also cool just to walk around…many times there is live music.

Yep. As I said earlier, I wonder who the bank is going to turn their keys over to.

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Where SF seem to be headed is a pure society consisting only of feral predators and rich prey … until industries that make the rich possible wise up and leave.

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Looks like they are,…

Some compamy with a high ESG score.

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One can feel the looming financial crisis incoming. And no I don’t want it at all, the signs just keep popping up not sure how they can stop it.