The Hilton Hotel located in San Francisco’s financial distict has defaulted on its loan. It has done so after a precipitous drop in revenues – partly due to fewer people wanting to stay there (“there” meaning the overall city, not just its financial district) and the fact that it had to drop the cost of rooms to even get the lower number of visitors.
Will Hilton close? It wouldn’t surprise me a bit. Because look at how many other businesses have closed in San Francisco over just the last few years:
Does that graphic tell the tale, or what?
But are you surprised? I would hope not.
When residents allow their city to degenerate from a beautiful, stylish, unique tourist mecca to an outdoor toilet, drug store and shoplifter’s paradise, with panhandlers and strung-out remnants of humanity everywhere, people’s concept of the city and its desirability level are probably going to go downhill as well.
And what is San Francisco’s strategy to turn things around and try to regain at least some of the city’s allure? I’m not aware of any. And if there is one, it certainly is not working.
Nope, this is the new San Francisco. And, until its voters decide that reflexively installing “progressive” (i. e. hard left) Democrats in office is killing the city and they have to do something about it, things aren’t going to change a bit.
Don’t expect that to happen any time soon.
