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San Francisco is hit by another huge blow
as RESIDENTIAL property market begins
to tank, with investor landlord ditching
459 homes across 12 buildings due to plunging
occupancy blamed on crime

Original Article

Posted By: Imright, 2/3/2024 1:50:41 AM

San Francisco's residential property market has hit troubled waters as a major investor landlord announced the sell-off of a large section of its rental empire this week. Landlord Mosser Companies defaulted on a 2018 loan for $88 million that was underwritten by its 459 rental units across 12 buildings in San Francisco. The company's creditor has now hired real estate firm Cushman & Wakefield to sell the multifamily home properties, The San Francisco Chronicle reported. Mosser Companies took on the debt pre-pandemic with low occupancy rates, but as the city by the bay grapples with

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Reply 1 - Posted by: itsonlyme 2/3/2024 3:15:36 AM (No. 1649800)
San Fran Sicko poop map, don't leave home without it.
33 people like this.

Reply 2 - Posted by: Californian 2/3/2024 4:38:41 AM (No. 1649808)
SF started a second wave of tech companies by giving Twitter a great deal to move into the super sketchy downtown area around 7th and Market. Being sheep, other tech companies followed. This resulted in a huge burst of revenue and secondary business growth which brought the city out of the slump it had been in since the dot com era died spectacularly and quickly in 2001. And then they did what SF does best, killed the golden goose, ate the eggs and now wonder where the good times went. I visited last summer. It was more crazy and filthy than I'd ever seen in the previous 30 years I used to live there. Doomed. And they brought it on themselves with stupid woke policies.
69 people like this.

Reply 3 - Posted by: mifla 2/3/2024 4:50:10 AM (No. 1649814)
Keep up the good work, Gavin. The liberals will make you their president yet.
44 people like this.

Reply 4 - Posted by: slsusnr 2/3/2024 6:06:33 AM (No. 1649844)
The story says the company took on debt when occupancy rates were LOW. Occupancy rates are RISING and people are moving out. Is it just me, or does that need some clarification? Or editing?
32 people like this.

Reply 5 - Posted by: billa57 2/3/2024 6:36:59 AM (No. 1649865)
They dims in charge should consider making crime illegal again. Oh yeah! Don't forget to make illegal immigration illegal again too.
33 people like this.

Reply 6 - Posted by: Krause 2/3/2024 6:46:13 AM (No. 1649872)
Sounds like the city has been ill-run by ill-capable lefty managers for a long time.
26 people like this.

Reply 7 - Posted by: minuteman 2/3/2024 7:28:22 AM (No. 1649892)
Within the last century, Detroit was the wealthiest city in the world. Democrats, doing the same things over and over and expecting different results.
36 people like this.

Reply 8 - Posted by: Strike3 2/3/2024 7:57:33 AM (No. 1649911)
Imagine that, defund and declaw your police force while crime and homelessness skyrockets. Who will be crazy enough to buy those buildings except for firewood? California will begin the nationwide collapse unless some major harsh changes are made and the dindonuffins are caged and controlled.
20 people like this.

Reply 9 - Posted by: Sorosisbehindit 2/3/2024 8:55:15 AM (No. 1649946)
San Francisco is one of the great cities that was first taken over by gays, and then by far left communists, and then by the criminals (who know that neither of the first two groups will stand up to them). Take note Asheville and Austin.
39 people like this.

Reply 10 - Posted by: privateer 2/3/2024 9:25:46 AM (No. 1649974)
IF you want some of what Frisco is havin'...dump Amtrak Joe; mail your ballot for Gavin!
10 people like this.

Reply 11 - Posted by: LC Chihuahua 2/3/2024 9:38:14 AM (No. 1649988)
Just like a blight on the land. And it is spreading. The San Francisco wasteland, a part of the greater California wasteland.
13 people like this.

Reply 12 - Posted by: Phantomll 2/3/2024 10:03:24 AM (No. 1649998)
And just think - there's talk of running Gov Brylcreem for POTUS!
13 people like this.

Reply 13 - Posted by: Birddog 2/3/2024 10:30:33 AM (No. 1650013)
Mosser was and maybe is still a good company, not just to have as a landlord, but as an employer. I had friends that lived in several of their properties, and contracted to do the restoration/renovation work on several of them myself. These 12 properties are only a portion of the overall buildings they own all across SF, Oakland and LA. They borrowed $88Milion on those properties alone, overall their annual revenues are now $94Milion, off by about 20%. In those buildings "Studio" rents run from $1500-$3700 month, apts with a "View" much much more. They own or did own somewhere around 4500 units. And they did buy up a lot of places for the Views. Owning ANY property in SF is expensive, not just taxes and initial investment costs, but ANY work you do, in any way to the buildings involves MASSIVE Govt agency involvement, architecturally, air quality, water runoff, esthetics, historical, constantly updated earthquake regulations that have to be complied with, parking/traffic "Impacts", energy efficiency edicts, low income set aside requirements, ADA compliance, noise ordinances...during construction we had some govt overseer visiting nearly every day, something THEY saw was often passed on to another Govt agency that then showed up, Environmental air and water agencies had "dust sniffers" installed around our sites that they had someone monitoring remotely, and other water sampling devices installed in the septic sewer systems, as well as the Storm sewer/runoff. What started as a simple window replacement/balcony restoration on an upper Haight home ballooned into a Multi Million dollar, 2 yr, major "Money Pit" affair...even though the Client was the SF City Attorney.
18 people like this.

Reply 14 - Posted by: DVC 2/3/2024 10:45:39 AM (No. 1650026)
People don't want to live in your sh**hole city, Dems. And as soon as they can arrange to be gone, they GO. Now, sadly, many move to good places and turn them into stinkholes by voting the same as they did to destroy their last town.
20 people like this.

Reply 15 - Posted by: FLCracker 2/3/2024 10:58:17 AM (No. 1650040)
Well, now San Francisco has some homes to home the homeless. How long until the homes look like the camps under the highway overpasses?
13 people like this.

Reply 16 - Posted by: Zigrid 2/3/2024 11:00:48 AM (No. 1650042)
Now that San Fran has become a ghetto...governor newsom...nervous Nancy's nephew....keep it in the family like hunter with in trouble for a run for the White House....looks like the democrat candidates are running out of takers...even crooked hillary isn't running...again...and again...and Michelle non belle has to much baggage from Chicago ...maybe RFK jr. is a viable choice...if he'll do it...they can always count on pencil neck....what's his name.....
10 people like this.

Reply 17 - Posted by: DE01A13 2/3/2024 11:20:01 AM (No. 1650060)
As Ron White says, "You can't fix stupid"!
9 people like this.

Reply 18 - Posted by: formerNYer 2/3/2024 11:30:00 AM (No. 1650067)
We went to SF in 1984 as part of our honeymoon trip to CA. It was beautiful, clean and safe. This is what 40 years of D'Rat rule does to a city.
13 people like this.

Reply 19 - Posted by: zephyrgirl 2/3/2024 11:57:27 AM (No. 1650089)
Why would anyone who has a choice would want to live in a city so befouled that there's an online "poop map?" Chicago, Seattle, Portland, and Denver are on the same trajectory.
16 people like this.

Reply 20 - Posted by: NotaBene 2/3/2024 12:31:48 PM (No. 1650106)
Bidenomics mortgage rates are a problem. We should have kept drilling for liquid gold and maybe not steal the 2020 election.
7 people like this.

Reply 21 - Posted by: Luandir 2/3/2024 12:37:23 PM (No. 1650108)
Inevitable. The doom spiral accelerates.
8 people like this.

Reply 22 - Posted by: Strike3 2/3/2024 2:32:36 PM (No. 1650146)
They may have "low occupancy" but I would translate that as available apartments full of the homeless and illegal immigrants, all living rent free.
4 people like this.

Reply 23 - Posted by: SouthernYankee 2/3/2024 3:52:26 PM (No. 1650169)
#9 Asheville and Austin are already lost. Stupidity appears to be contagious.
4 people like this.

Reply 24 - Posted by: SouthernYankee 2/3/2024 3:54:45 PM (No. 1650171)
My wife and I used to regularly visit both San Francisco and Chicago. The filth in SF turned us off a decade ago. 5 years since visiting Chicago when a band of thugs were rampaging on the Miracle Mile. Haven’t been back.
6 people like this.

Reply 25 - Posted by: Omen55 2/3/2024 7:06:07 PM (No. 1650245)
CA is running outta OPM!
1 person likes this.

Reply 26 - Posted by: enemyofthestate 2/3/2024 7:56:55 PM (No. 1650266)
San Franshitco gets what it voted for.
2 people like this.

Reply 27 - Posted by: garyhope 2/3/2024 8:32:14 PM (No. 1650281)
Uh Oh,'s hoping that my ex wife in SF doesn't move to where I currently live. SF, nice air, a couple of nice/good restaurants, a good wine store,...the rest and many if not most people, can keep them and their stupid hate America and so called "liberal fascist politics". Adios MF'ers. Good luck.
1 person likes this.

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