3 ms·
Former WeWork office building in San Francisco sees value slashed by about 66%
- CraigRo 3y agoSf budget is about to get crushed.
- local_crmdgeon 3y agoGood. SF is able to paper over it's structural problems with money. That's a waste of time and money. Fix the core issues - money can't.
- dragonwriter 3y agoThe good thing about Prop 13 in cases like this is most real property (including most commercial real property) is taxed at a basis value so far below its actually fair market value that even a sale realizing a sizable loss from its former paper value is often only a small hit to the tax rolls (and can actually be a boon, resetting the tax basis above what it was, given the limited increases without a change in ownership.)
- crakenzak 3y agogood. the era of overinflated real estate in SF is hopefully coming to an end.
- olliej 3y agoThe problem is that none of the significant price deflation is happening in residential property, it's just commercial/office space.
- ggm 3y agoEvery Listed Property Trust worldwide did some write down in covid. Wework is not a special case.
- olliej 3y agoTrying to catch up with the company itself :D