Posted on 02/03/2024 12:20:29 AM PST by knighthawk
San Francisco's residential property market has hit troubled waters as a major investor landlord announced the sell-off of a large section of its rental empire this week.
Landlord Mosser Companies defaulted on a 2018 loan for $88 million that was underwritten by its 459 rental units across 12 buildings in San Francisco.
The company's creditor has now hired real estate firm Cushman & Wakefield to sell the multifamily home properties, The San Francisco Chronicle reported.
(Excerpt) Read more at dailymail.co.uk ...
So it Starts—a return to 2008. Biden will be the fall guy for this new depression.
bttt
Isn’t Pelosi from there? Has she commented on this yet?
Basically 38 rental units per building. In 2018 and 2019, tenants would have been paying top dollar according to the article. Now, not so much maybe. Plus, San Francisco is going to lose a huge amount of tax revenue. Boo hoo hoo.
There was an eviction moritorium. Not sure if this was apart of the problem.
https://hrcsf.org/rights-relief-during-covid19/
https://sftu.org/updates-to-tenant-rights/
There are eviction requirements.
Pelosi’s handiwork
and Newsom smiles and tells everyone hes doing a great job
459 rental units should be enough to house 20,000 or more “migrants”.
The death spiral continues.
The city becomes unlivable thanks to rampant crime, sky high taxes and costs.
Businesses move out.
People move out.
And the people left enable the decline to continue.
Your post implies FJB is blameless and even though you didn’t say it directly, your implication is that it’s Trump’s fault. That is a viewpoint only a defective mind could embrace.
America will be a better place when cities like SF die the death they deserve. Shining examples of the destruction that liberalism delivers.
Unlike other real estate owner operators, Mosser is African American and woman-owned family business with more than 85 percent of its employees self-identifying as a minority.
It’s not a covid doom loop.
It’s a Democrat party policy doom loop
Nobody wants to be dodging drug fueled zombies going to work, going to buy groceries, going out to watch sportsball...
Arguably the most beautiful city in America, and it’s being abandoned to the dregs of society. This is how empires fall.
San Fransicko mimics the Hunger Games. All the poor downtrodden, poor, crime ridden districts support the elites in the gated communities. This is how they want it.
maybe that’s their problem ... stupid leftist hiring practices ... and I wonder how much the special owners got ‘helped’ by the gubmint ...
The company’s creditor has now hired real estate firm Cushman & Wakefield to sell the multifamily home properties.
It’s like trying to sell broken eggs at 1/2 price.
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