Not just San Francisco, but office vacancies are through the roof nationwide. Some buildings are totally vacant. People are working from home and aren’t inclined to come back.
Commercial leases are 3-5 years, so given the fact this started with Covid, how many businesses are going to simply renew their leases on space that has become vacant.
This could turn into a banking crisis.
OR, Biden could print money and convert it all to high rise condos for all the illegals he has imported!!!!
I’ve heard that a lot of abandoned office buildings could be turned into condos.
But then some say the retrofitting of plumbing and electrical to turn offices into condos is too costly, and not too many buildings will be converted. So we’ll see.
Or jails for the democrats who brought this on.
This 75% is nothing other than the first step.
Wait to see what happens once the residential market pops.