Posted on 06/06/2023 8:49:53 PM PDT by SeekAndFind
Not too long ago, San Francisco was still a remarkably beautiful city, although even then it could change on a dime. One could be in the midst of a leisurely stroll down a gorgeous street filled with chic cafes, turn a corner, and find oneself without warning in the middle of a large crowd of menacing homeless drug addicts.
Now, after decades of far-Left misrule that has picked up speed in the wake of the COVID hysteria, the city’s dirty, degrading, and dangerous areas are growing rapidly and taking the whole place over, and the city’s remaining sane people are fleeing. The end is near for the Golden Gate City: the day is approaching when its ruins will bear silent witness to the ways in which Leftism destroys human societies. In anticipation of that day, a luxury hotel chain is leaving town.
Park Hotels & Resorts Inc., which owns and operates the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco, has announced that it is pulling out of Pelosiville , and can you blame them? The inaptly named Thomas J. Baltimore, Jr., Chairman and CEO of Park Hotels & Resorts, announced Monday that it was going to stop payments on a $725 million commercial mortgage-backed securities (CMBS) loan that is secured by the Hilton Union Square and the Parc 55. That means that unless someone steps in to take them over, those two hotels will close up, and their shells will become new monuments to the cost of electing Leftists to run cities.
Baltimore (wasn’t Joe San Francisco available?) announced, “This past week we made the very difficult, but necessary decision to stop debt service payments on our San Francisco CMBS loan.”
(Excerpt) Read more at pjmedia.com ...
All this means is the mentally ill people who live there now will just move and then destroy the next place they land.
EVERYTHING the Dem party touches turns to shit YET they keep getting voted back into office, makes me wonder just how bad the voter fraud is in this nation!!!
They probably made the basic decision long ago, but waited another fiscal year or two to confirm the downward trends.
That is a very large corporation, one of high prestige until recent years. Less conventions mean less big groups of wealthy out of towners to cater to.
Close the bridges to the peninsula and build a wall at the southern end. Let no one in or out. Sort of like the movie "Escape from New York."
Problem solved.
The answer is that its tax revenues drop to very low levels and it has to cut programs it never thought it would.
When you add this to the loss of property tax revenues when Nordstrom, Target and others have left town and abandoned shopping locations, then you have a real problem starting.
You can be assured that the property tax payers are going to challenge their appraisals as they fight to hold onto their property. You can also be assured that the empty locations are going to require increased government services.
One of the bizarre things that seems to be common is closed and nonprofitable hotels seem to be being turned into homeless shelters all over the country. It is a lose-lose situation where cities are signing on to huge maintenance costs that they cannot afford.
Two points:
1. You’re right to assume massive fraud as at least part of the reason. Look no further than Joe “81 million votes” Biden.
2. As “COVID” showed us, a huge percentage of the population is incredibly stupid and ignorant. In other words, members of the democrats largest voting bloc.
“What does a city that is very dependent on hotel tax revenues and property taxes do, when a large hotel closes and abandons a property that is now worth penny’s on the dollar?”
They could throw the hotel open for affordable housing!
Gosh, another 30 years of Leftist governance should help...
/s
Or go full "East Germany" and re-instate the criminal concept of Republikflucht, and throw them into prison if they try to escape!
That'll show them for trying to elude their civic duty to allow themselves to be parasitized into the poorhouse!
Regards,
They could throw the hotel open for affordable housing!
Yes, but they can’t afford the maintenance. People who get free or low cost housing typically don’t maintain the places they live.
Without property taxes and special hotel revenues, SF will be hard pressed for money.
Wastin’ away in NancyPelosiville
Apologies to Jimmy Buffet
Livin’ on handouts
The homeless have fanned out
All of the tourists’ footware is soiled
Taking my Tylenol
Mixed-in with Fentanyl
It’s so disgusting it makes you recoil
Wastin’ away again in NancyPelosiville
Searchin’ for the last solvent taxpayer
Some people claim that it’s COVID to blame
But you know, it’s Donald Trump’s fault
I don’t know the reason
Why I wasn’t fleein’
Before property values fell through the floor
My house’s underwater
Leave is what I oughta
And give the bank the key to the front door
Wastin’ away again in NancyPelosiville
Searchin’ for the last solvent taxpayer
Some people claim that it’s COVID to blame
But you know, it’s Donald Trump’s fault
Some people claim that it’s COVID to blame
But you know, it’s our own damned fault
Democrats demonstrating once again that everything they touch turns to crap.
And, par for the course for today’s cowed corporate douchenozzles the word CRIME is not mentioned.
>>That means that unless someone steps in to take them over, those two hotels will close up, and their shells will become new monuments to the cost of electing Leftists to run cities.
It is unclear whether the hotels will close, continue to be operated by Hilton, or continue to be run by another hotel company.
When the owner of the real estate, Park Hotels & Resorts, stops paying the mortgage, the creditors presumably begin foreclosure. The creditors then decide what to do with the assets, and it may be in their interests to continue to have the hotels operate as they are.
hmmmmmm.
Looks like we’re finally getting the institutions for the mentally ill and criminally insane. Just need to fence in all these liberal shxthole cities and we’re good.
People shouldn’t vote if they don’t pay property taxes.
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