3 ms·

When you have to pay a mortgage on a very expensive building every month, and its empty, that's a very BAD thing. To avoid bankruptcy, the only option is to lo

When you have to pay a mortgage on a very expensive building every month, and its empty, that's a very BAD thing. To avoid bankruptcy, the only option is to lower rent to get any kind of income. If even then the income isn't enough, bankruptcy. New owner buys for much less, then rents out the space at lower rates, etc. This is an epic crisis for the property owners of these buildings. But the big issue is that without SF being safe again, lower rents won't get people to come back - I sure won't risk my life for cheap rent downtown when its so easy to work elsewhere.

quesera 4y ago
> New owner buys for much less, then rents out the space at lower rates, etc There is little correlation between carrying cost (mortgage, insurance, etc) of a building, and rent charged. > I sure won't risk my life for cheap rent downtown SF does not have a violent crime problem[0]. SF has a property crime problem. 0: All crime is a problem. SF's violent crime stats aren't significantly worse than the rest of the state/country.