a healthy city. Not one bit.
According to preliminary fourth quarter data provided by real estate brokerage CBRE, the city’s vacancy rate ticked up nearly 2 percentage points from the previous quarter, reaching 35.9% at year-end. In September, that number was at 33.9%, which was also the previous record high…
But that might change next year! Yeah, maybe. Tomorrow, you’re ALWAYS a day away…
It’s a “doom loop.”
So it starts with a decline in people working downtown, which has clearly happened in San Francisco. That leads to less foot traffic, less commuting and more crime. Is San Francisco checking all of those boxes? Why yes it is.
And because there are fewer office workers, there are fewer restaurants, merchants in general, more crime, more of a “post-apocalyptic” feel, etc. So commercial vacancies go up. Revenues from taxes naturally go down, and there is less money for things like police and sanitation. So things in the city get even worse. And even more people decide to avoid that place… It’s a doom loop.