California is a non-recourse state, so the lenders can’t go after the owners on a personal level. Also true for home mortgages – if you are underwater, you can just give the keys to the lender. All they can do is to dock your credit report.
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In California, wouldn’t mortgage loans be non recourse only in some circumstances (purchase of an owner occupied property)?
I wouldn’t permanently write off San Francisco. My daughter lived there for several years and the views when we would go out walking were breathtaking. The natural beauty isn’t going away. What my daughter loved was she had the city but within a short distance she had so many outdoor nature places to visit.
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Agreed. And all these problems are created by man, and can be fixed by man, if there is a will to do so.
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FiDi and the downtown is actually very small part of San Francisco. The vast majority of SF is pretty, peaceful, vibrant, and wonderful to live in. However,many of the problems affecting SF are all the same problems affecting all big cities - low commercial real estate occupancy post Covid, dwindling mall occupancy in an era of 1-click purchase and cheap home delivery etc. I lived in SF circa 2000 prior to the tech boom and recently bought a home post-Covid. This city will be fine in the long term and I bet will be back better than ever.
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If there is a will to address the problems, they could be solved. We will see if there is indeed such a will. SF leaders could start by acknowledging the reality that the city is in worse shape than most after the pandemic and needs a new path forward.
There will be plenty of empty real estate to work with.
The suburbs are still very nice. We visit BIL who lives in the lovely community of Foster City. It has a nice mall, restaurants, sidewalks, parks, strip malls, etc.
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Well perhaps the SF hotels shouldnt be repurposed as homeless shelters given the damage inflicted.
I’m sure the damage was covertly inflicted by the owners in order to make more money. Surely, the noble unhoused would never do such damage.
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I don’t understand it… Why does the city expect reimbursement from FEMA? Is homelessness now part of FEMA’s responsibilities?
I expect the hotel shelter was related to covid
Doesn’t anyone read the articles they post? That’s exactly what it said.
And I noted it. What is the issue? City leaders claimed it was related to covid. It is uncertain whether/to what degree FEMA will accept that claim and reimburse.
No need to say one “expects it was related to…”. It was!!! Otherwise sounds like conjecture.
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At least 5 SF hotels which were used as homeless shelters incurred substantial damage as a result, which will be reimbursed with public funds. That is the bottom line. Why they were so used, and which agency will pay, isn’t really relevant. The factor should be considered in repurposing closing/empty real estate.
The response was to @1NJParent’s question about FEMA involvement. Funds to the project room key program in SF were at aided by federal funds for the declared health emergency.
Even if FEMA accepts the claim, that spigot has turned off now, so FEMA shouldnt be expected to have any future role in funding or determining the outcome of empty properties.
The article Is about the settlement. Not about any future claims.
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