old navy

Old Navy, founded in San Francisco on March 11, 1994, will close its flagship store in downtown this summer, joining other fleers: T-Mobile, Amazon Go, Whole Foods, and Nordstrom. Old Navy said shoplifters were hitting the store 12-14 times a day.

SF Downtown
31% office vacancy rate
70% drop in cell phone traffic

SF tax base
Downtown provides
75% of the city’s tax base
95% of its business tax
50% of its sales tax

Two Proposals

• Democrats want to turn the office buildings into homeless shelters.
• Shaping San Francisco, an activist group, says, “Knock down all the skyscrapers.”

California
State Farm and Allstate no longer provide business and property insurance in California, which means that you cannot sell your house to a buyer applying for a mortgage to buy the house until a different insurer is found.

What if I told you about a time machine? I think you would prefer that over a ticking time bomb.