The capitulation of some of real estate's most sophisticated players after tech job cuts and a growing permanence of remote work is a dark omen for the city's downtown. Real-estate defaults have been long expected, but not all at once: Many investors thought they'd trickle in as owners tap options to extend the maturities of their loans, which could kick their losses down the road.
"San Francisco is in a sinkhole that's growing bigger by the day," Clancy, who is based in New York, told Insider."Store closings, crime, and other quality-of-life issues are leading to an epidemic of negative headlines that are keeping tourists and workers away. It will probably get worse before it gets better.
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