Will downtown San Francisco make a comeback? Here's why prominent CEOs are investing in it
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- Опубликовано: 11 май 2023
- Office vacancies in downtown San Francisco hit their highest level ever this year. But despite all this, some local CEOs say they're doubling down on San Francisco and still believe the Bay Area is the place to be. Here's why: abc7ne.ws/41rofd7
#sanfrancisco #downtown #economy #tech #CEO #abc7news
First you need law and order and public safety. The public needs to vote out everyone who has created policies leading to this current safety mess.
Yes .please vote out Safai. He's a poor leader that does not listen to his constituents. He voted/ proposed a hotel turned homeless shelter in my area in front of a school. Now there's tents popping up and needles on the sidewalk on way to school. My hard earned tax dollars funding these projects with no accountability. How about having these homeless people clean up the streets as part of have living in these hotels we pay. Have them work/job training. So much corruption with city leadership and nonprofits with little accountability! Vote them all out! We need common sense leaders!
That would be the voters themselves
Yeah. DemocRats.
😂 If they are still able to vote out, everyone. More are voting with their feet instead.
Like the Democrats?
Change the current leadership. Get rid of homeless. Put those criminals back to the jail.
Should add stop giving into demands of "activists" who are also part of the problem
@@randallanno2327absolutely. They look for excuses to be jerks.
SF will come back, but it won't be with the current city leadership. The people who caused the problem aren't the ones who can fix it.
Exactly. The mayor London Breed and all the socialist Board of Supervisors need to go. They do not care about SF.
And with your stellar comment, the State and City are YEARS away from any signs of improvement “if” the idiots in charge can be changed. And that is the problem!
LOL!!!!
Umm…until the people of SF suddenly start voting for someone other than democrat, this will continue.
You guys are delusional
SAN Francisco will be the most successful homeless camp
I wish I shared their optimism but San Francisco is at the tip of the spear on a number of issues which are driving societal decline, including whacky woke politics, decriminalization of crime, rampant drug abuse and increasing rates of mental illness. Unless these trends change at the national level, things will continue to decline.
Don't forget the upcoming reparations payment of $5m per eligible black resident (not to mention California's additional reparations payment of $1.5m per black resident.)
I heard no solutions to get rid of all the homeless. Just sugarcoating all the things that are currently wrong with sf.
That is the elephant in the room.
Send them to Jonestown, Guyana 🇬🇾.
Not as long as homeless and mentally ill are allowed to raid at will with no consequence and camp put on the sidewalks like its a camping trip.
Its called conquest to you sir! And its what you make it. If they want to go camping in a tent with inflatable beds, with a picnic table with snacks and a box of wine on the side from sonoma county let them! Some people don't have that much stay humble.
@@ZattyZatts conquest its called eh?! Lol conquest that rock! 😆
I don't go to the city anymore. I'm afraid to shop or eat there. I am fearful for my safety. I will wait until the city deals with crime and homelessness. The sooner the better.
I do go to SF to eat and people watch, but I'm out in the outer neighborhoods. They're fairly safe, FOR NOW. The center of the city is a nightmare.
You’ll have to wait for a long time
This story is an example of why the local media is not taken seriously anymore.
Thier report was complete. "opposite world"😂 version
Strong leaders are needed against criminals, prison for dealers, thieves and criminals, and to stop protecting them as the current mayor does.
Lol , these lunatics don’t get it 🤣🤣🤣
Get what?
@@baywaterz4153 my point exactly
@propblast82nd you have no point that's why you can't answer the question
@@baywaterz4153 Lol , you’re absolutely clueless and can’t see it anyway 🤡
@@baywaterz4153 can’t fix stupid other wise you would have figured it out 🤡
You said the companies are in the bay area, not in san francisco. The report is supposed to be about the city not the area. All of the big companies have always been located in the valley not the city.
Sorry Kevin, that doesn’t fit the narrative :(
Agreed Kevin, I've lived in SF for 15 years, the report says Bay Area, not the city itself. I have seen many a billion dollar company go East Bay or down to the peninsula.
exactly, they call this 'out of topic' in school
Salesforce, Levi's, AirBnB, Uber, Visa Credit Svc, Lyft, Wells Fargo, The Gap, Dolby and many more are headquartered in the city. Google, Meta, JP Morgan Chase and many more have offices in the city.
Which is wierd. Global cities have all the big companies concentrated in a financial district insted of the suburbs. It's ridiculous, companies should be centralized in the business core.
No. We've NEVER seen this before. I don't know what that dude is talking about. Government never shut down businesses and caused people to work from home. SF has never had DA's who refused to prosecute crimes. We've never had a flood of addicts coming into the city like this. There was never a homeless encampent like the one next to the main public library across City Hall. The Tenderloin has never been worse and keeps getting worse. The Federal building on Mission and 7th has never been invaded like it is now. The Marina has never had an open air market of drug dealers until a week ago. Optimism is fine but being blind to current realities is not it.
These events shown just gives SF additional city charm for tourists visits! It is all good!😊
SF is more lawless today than it was during the Gold Rush.
SF city, for decades, used to be top 5 US attractions to investors, businesses and tourists. Tourists from all over the world spent money from hardearned income to shopping and vacation in the city.
The current mayor, former DA, liberal progressive legislation and policies, and extreme social advocates have literally wiped this town off the map from tourists and many investors.
The core has been severely compromised if not destroyed. It will take long time to climb back up from rock bottom.
Can’t even pay me to bring my family to sf anymore… we don’t go to the city anymore, just to the surrounding beaches and campsites.
After a 30 year absence I made it back to San Francisco a couple of weeks ago. I couldn't believe what I saw in downtown San Francisco and the surrounding area. Nope, I won't be back. He'll, I was in Detroit last fall and the downtown area was cleaner and a lot more vibrant then SF.
@@HeyUncleAagree 💯. We used to take day trips and walk from one end to other. Zero chance I'd do it now.
Sure, it’ll come back… some day. I just don’t have that many 10 years to wait. Last 10 years is view looking into a toilet. Thanks to the worse mayor in the city’s history.
Step 1 is getting rid of the mayor and most of the BOS who created this mess.
It will never happen, locals love degeneracy 🥱
Again, it's not the mayor, it's the people who vote them in, lol.
This must be some of that Biden Build Back Better.
The street scenes are post apocalyptic.
🥺🥺
Democrats turned San Francisco into a 3rd world 💩🕳️
When I visited california in 2016 it was beautiful place and was considering wanting to live here in the future but looking at the current state of it and people/businesses leaving it makes me sad what a beautiful state like this one has become. I pray that california makes a bounce back in the future.
How can retail survive amongst fentanyl addicts and homeless ?
Retailers can survive by adding fentanyl to their product lines LOL
Who knows. There’s a lot of obstacles that are self created: taxes, crime, property cost. It has a great location, but without safety and affordability people will not move to the city.
The good statistics are for the entire Bay Area. San Francisco is just one part of that larger Bay Area. The Bay Area might do well in the future, but that doesn't mean that SF won't have it's own problems.
No, we have not seen this before.
Mt family goes back 100 years in the City
This is not a standard economic boom/bust.
This is a self-inflicted wound.
DA Jenkins is on the right track. But she has a lot of opposition, so it will take a long time
The discussion about innovation is a red herring and has nothing to do with the self-inflicted wounds.
Yeah, this guy is a Crypto CEO. So what?
I have a technical consulting practice, and people like him are part of my clientele. You would not believe how many of them really don't understand
what is going on; they only parrot what is popular. His statements really tell you that he is indoctrinated by the people who created this self-inflicted wound.
Nope 👎 the Bay Area is not SF lol
This is what happens when a major political party refuses to recognize that humans have free will.
It's wonderful that ABC7 did not close the comments.!! Currently there is a problem with crime and homelessness. So many people refuse to go to The City unless they absolutely have to due to the probability of becoming a victim of crime. The probability is small but the perception is large and until this is changed and a marketing campaign showing a safe and clean downtown then this area will not be a destination.
Innovations with AI? That means job replacement.
Reminds me of New York in the 70s.
Those vacant buildings need to become jails and shelters. That solves 3 problems, but creates funding issues. 🇺🇸
All of these stats are based on where company's HQ's are located. Thats kind of different from the company's full operations
Bay Area but not SF! You need a new stat.
There was a logical fallacy throughout, so subtle the the people in the story never realized their assumptions…that the economic success of the Bay Area equals future success of SF.
SF and Bay Area are so intertwined, even the words are used interchangeably so I can forgive the mistaken assumption. But the truth is much of the economic success touted in those statistics actually occurs on the peninsula and South Bay…Silicon Valley.
The Bay Area’s high tech STEM fields aren’t going anywhere but WFH / hybrid working is a new permanent reality. It’s great for workers who don’t have to commute AND fantastic for companies who are shedding the massive expenses of downtown real estate. It’s never going back to the way things were.
Not to say the city can’t reinvent itself, however SF needs to realize it can’t count on tech anymore. If it doesn’t adapt, its fate can very well be like Oakland’s…which it already now resembles in many neighborhoods.
To the bag holders, thank you for continuing to invest in SF. If too many stores close in SF, looters will visit other parts of the Bay and increase crime everywhere else.
It's called citybusting. Drive the city into the sewer and bankrupt everyone. Buy up all the cheap properties, drive out the homeless, and end the crime. Now you own all the prime property in a functional city.
They won’t do well where lawful citizens are armed.
This is an opportunity for San Francisco. They could fill downtown retail with local artisan stores full of clothes made locally. It could make the city unique and bring people from all around the bay to see and buy things they couldn't in the suburbs.
This policy should go hand in hand with doubling down on crime, homelessness and turning offices to apartments.
Sorry, Democrats don't believe in free will, so criminals and bums will continue to be exalted, while the productive who want law and order are labeled as racists, even if they're not white.
the city is giving out grant to open pop-ups in downtown, you should apply. a lot of programs and grants available
@@xycid Sounds exiting! Will give it a look.
No they are all on drugs the investors will end up building the lawless region for the exiled
It's problems are too numerous to fix so easily . . . LIBERALISM TO AN EXTREME HAS DESTROYED SAN FRANCISCO--IT'S GROSS. THE STREETS SMELL LIKE URINE YEAR ROUND FOR THE LAST 3 DECADES . . . IT HAS A LONG WAY TO GO TO EVER BE A "DESIREABLE" DESTINATION . . .
It’s democrat policies!!
Ok, start by recalling the mayor and clean house.
These idiots are letting it all slip away. and NO ONE WILL BE HELD ACCOUNTABLE
‘You want to buy this building for 1/4 of its last sold price?’ Yes of course Habibi
Detroit was once the richest on earth
Detroit now is so much better than SF. It's been rising since 2012 and has made quite a comeback!
Detroit is a dump, you are trying to put lipstick on a pig
San Francisco is a beautiful city with too many problems. I hope/wish it gets better soon.
No way to vote your way out of this one.
Saw a film called "Single While female" shot in Sf in the 1990. No drug addicts on the street. SF use to be such a pretty city. It will never go back to those days it is to late
Fine with businesses who want to support SF. That's great. But we've never lived through a time when retail has faced devastation because people are buying online. We've never seen a time when homeless and police brutality is filmed by people's phones and the police themselves. Opiate drug use is open an visible. And the sidewalks are full of homeless, trash, needles and human waste. Overcome those problems and SF will survive. Otherwise, SF is looking at a diminishing tax base which pays for infrastructure and policing services. SF, you've never overcome these problems before. Let's see how it turns out.
Correct me if I'm wrong but wouldn't rezoning commercial office space to high-density residential cause a decline in property taxes?
Nope, property tax increases, payroll tax, income tax, business tax all goes away though along with the incomes of those who could afford the apartment
@@max420thc Who's going to live at a place w/o businesses to work in?
@@indianatarzan8001 San Francisco has historically low unemployment rates. It's not that people are unemployed, it's that they're working remotely. Therefore contributing to empty office spaces.
@@MrDude826 I did not say residents are unemployed. I said people wouldn't want to live at a place w/o business there. What I implied because I thought it was obvious, is that people would not live at a place w/ high crime rate AND high rent unless they have to, e.g., due to job location.
Until there’s a new DA that will do something about crime and not just talk about it and slap them on the wrist SF is in trouble
This is a cry for help, no company in their right mind is investing in SF.
In fact smaller businesses are evacuating.
They will tell you crime is down, but they won't tell it's because they decriminalized crime ...
Nothing to see here.
How to rebuild downtown clean up the street, bring back the conferences, stop hating on tech bros. Let movies be filmed for cheap
I’m moving my software startup from Bethesda MD to San Francisco. SF may have problems but it’s the only place in the country for a company like mine. (And, am looking for office space downtown.)
Austin?
Lol, good move. 😂 🤣,
There are plenty of places in the Bay for your business that don't have the issues of SF. But hey, if you want to step over a bum on your way into work, your choice, just watch out for the puddle of urine.
Maybe in statistics are showing differently but appearance surely shows the opposite. There's a ton of work that needs to be done for it to make a comeback. I honestly think local government is quite complacent sitting on what's still available and they shouldn't.
San Francisco historically was perceived as "classy". I doubt many would describe San Francisco as classy now.
Unused office buildings can generate revenue by using the space as data server hubs and hydroponic gardens to grow crops indoors protected from pests and not needing soil.
Fire the mayor
Come back ... I lived there for 3 decades ===> I wish i never visit SF ever again in my lifetime. Nuisance!!
Just have joe rogan open a comedy store here
That idea of converting office space into apartments is never going to happen. SF puts up too much red tape for anything.
Tech, San Francisco shopping districts and "face recognition" - individual retail stores generate a registration/membership data base; plus establishment entry locks that function with uploaded photos, and registered individual recognition. A "free enterprise" version of "social credit ratings", that is a milder version of martial law intervention.
They will buy cheap and suddenly the city will start enforcing laws intensely. This isn’t done out of stupidity it’s sociopathic economics
Um, the "Bay area" is not SF. SF is going down hill fast.
London Breed helped Gavin Newsom destroy San Francisco like Dylan Mulvany helped destroy Budweiser !!
That Millennium Tower will be a white elephant for decades to come.
Its sad what happening 2 San Fran i was born n raised n San Fran im 68 n live n New York now from Steve Venegas from the MISSION DIST
The local media lives on mars.
My car was broken into when I went to SF for a job interview. Thanks, but NO thanks!
1:50 So what did he pay for sq ft on the lease compared to what it was in 2017?
High Value companies from the BAY Area does not mean from SF
it will be Detroit in 2 years
Silicon valley is propping up Bay Area statistics, doesn’t mean downtown SF is on the upswing. Have to wait and see.
I have family members who visited the once downtown beautiful safe wharf area and there rental car was broken into and everything stolen. Guess what, the cops did nothing but look the other way. These ceos need more than just investing in the city. They need elected officials with different polices.
First, let’s clean up the homeless issue. If that doesn’t get addressed, any sort of come back is futile. Open air drug use and excessive crime has turned this destination into an area to avoid for tourists. Then is there is the housing prices which has gotten ridiculous.
Put together a tax program that will benefit these large corporations to get their employees back into offices and out of their homes.
Limit the street traffic downtown. During peak hours, no cars should be able to be driven in certain areas like union square. This will deter thieves who rely on getaway vehicles. And let’s take the power away from criminals. If they get hurt during an arrest, other people are getting sued and losing their jobs. It’s not right.
Just ask Detroit how this plays out… 🇺🇸
Well SF Mayor, Stuipvisors and defund SFMTA all need to get out of SF. You had years to change SF to a better place and you failed! SFMTA changed all roads leading in and out of SF from 2-3 lanes now to 1-2 lanes. The Mayor failed to clean up SF streets. Supidvisors need to lose their jobs and go wash dishes in Oakland. Defund SFMTA now you got your wish downtown & Union Square is empty.
Bring more tourists and don’t let your unionize hotels charge $1,200 per night during conventions. Force existing laws in the Tenderloin.
Put a fork in San Francisco.
Face it, you're the Bud Light of cities.
If you ignore the real problem. It will stay. Persecution of crime should be first priority
walked SF recently and saw a homeless druggie assault a young mixed Asian/Black couple and the police did nothing
Who belongs in neighbor hood not you that’s for sure
Doesn't surprise me that another of the high-dollar rollers is the one with the pollyanna optimistic vision. We "working stiffs," as the old saying goes, are hard pressed to share such optimism. At one time there was no place I'd rather have been than San Francisco, but that's sadly not the case any longer. Once again, I think it's only the six or seven-figure income crowd that's doing well in that locale. Truly the classic divide between the have's and the have-not's.
I’m just happy Chanel is moving into the WilliamsSonoma building
Convert office buildings to housing.
Having $$$ doesn't prevent others from taking #@*!# on the street.
I love the comments section because we’re all collectively fed up with inaction
Without law enforcement, proper sentencing criminals and public safety, nothing will help.
Modern office buildings are not suitable for conversion to residential. The New York Times did a whole in depth article on this. Older, historic buildings yes, but modern office buildings are trash for residential conversions. The reasons like in the design of the buildings. And besides, if San Francisco makes its comeback boom, you’re going to want all that office space open.
Downtown SF future is very bright because of the SF politicians!
They talked a lot about how much money there is and how accepting the people are, but not why they wont spend it on solving poverty
The city needs a real housecleaning. They need new leadership and to sell San Francisco the way Chevrolet sells a car.
You have CEOs and investors willing and ready to invest in San Francisco, but if the city refuses to do anything on crime and homelessness, progress will be significantly slowed. With that comes to the realization that promoting relaxed policies on crime isn't working for this current society. Furthermore, I, as an independent-left-leaning individual feel that the state isn't doing enough for the crisis of mental health. We need actual facilities to hours and support these cases. We need expansive asylums that provide services long-term. I'd much rather see us invest in that.
"Most accepting place on the planet"🤣🤣
I had been to visit San Francisco just about two or three weeks ago and it was definitely not as bad as the pessimistic conventional wisdom would you have you believe.
Yes, there was homelessness, but I never experienced any problem with poop on the streets, except for this one moment where my sister Rachel warned me not to step in a pile and even than that may have been dog poop.
So no the city by the bay is not the Alternate 1985 Hell Valley from the second Back To The Future movie most RUclips videos and conventional wisdom would you have believe. That is not to say it doesn't have it's problems of course, like anywhere including homelessness. But it's just not as bad as people might have you believe though. As such I really loved the time I spent down there and still consider it a potential home, possibly sometime down the road!
Exciting place... Really! It's the capital of the 3rd world.
They need to change their voting style
Bravo Brooke Jenkins
We’ll be fine.
FEMA and Marshall law are probably the only possible remedies for such a blight
Who ever is in the public office in San Francisco, voted them out , and hold them accountable for the theft, dead drug addicts , and lost business.
San Francisco is dying. Hurry it up. I have to go to the bathroom.
Maybe invest in more affordable housing first and new politicians first.
It is important to distinguish between The Bay Area and San Francisco. The city is in a downward spiral, with no end in sight.
Ya right
All previous SF booms had nothing to do with "leadership" and politics. It takes a bunch of super ambitious, super brave, super smart risk-takers to create the next boom in SF. Remember the original 49ers? They didn't say "get rid of all homeless and then we'll come". They just came!
I have a business in the city. I don't sit and wait around until the city is going to be better, the streets safer, less crime and less homelessness. I make it better. For the brave ones: buy low, sell high. We're here, we think it's a great time to invest in SF