John has written a lot about the “urban doom loop” in which declines in quality of life create declines in property values which in turn leads to declines in public services which leads to…declines in quality of life.
Rinse, repeat. The doom loop is mainly driven by terrible public policy decisions such as defunding the police and tolerating homelessness and drug use, but the change in how real estate was used during the pandemic contributed a fair amount as well.
Luxury San Francisco high-rise next to ‘X’ HQ could default on mortgage
When NEMA opened 10 years ago, it was meant to revitalize the Mid-Market area.
The area has dealt with property crime, homeless encampments and open-air drug markets. @KPIXtv https://t.co/Ah0rQrxXzr pic.twitter.com/1HmLR8E8M2
— Betty Yu (@bett_yu) August 23, 2023
In other words, 2020 was a tipping point for poorly run cities. Add the pandemic…
