Just a week after two of San Francisco’s largest hotels closed their doors due to capital flight, skyrocketing crime, and homelessness, San Francisco’s ‘most prominent shopping’ mall is going bust for similar reasons.

The mall, which had a loan of over half a million dollars left to pay, decided to transfer management back to the bank.

Retailers, restaurants, and hotels have been closing their doors across the city in recent months, including Nordstrom after a series of smash-and-grab robberies.

Things have gotten so bad in San Francisco that California Governor Gavin Newsom admitted to Sean Hannity on FOX News that the state has given up on solving the city’s homelessness crisis.

“We own this, Sean. I’m not here defending this.”  He said of the state’s failure to revitalize the decaying city.

The mass exodus from the city, which lost 7.5% of its population in just one year from 2020 to 2021, is happening as robberies and theft continue to skyrocket, and housing prices have ballooned to make it unaffordable to middle-class homebuyers.

Even though San Francisco’s population continues to decline, the median price of a home still sits at roughly $1.3 million, and that is after a 13% decrease in home prices over the last year.

San Francisco is projected to lose as much as $200 million in annual tax revenue by 2028 due to emptying office and retail buildings.

The Post Millenial Reports–

Westfield is walking away from its San Francisco Centre mall. The shopping mall giant, with locations across the US and Europe, is the latest company to bail on The City By The Bay in response to widespread crime.

According to FOX Business, Westfield and its partner Brookfield Properties stopped making payments earlier this month on a $558 million loan securing the San Francisco Centre.

Westfield said in a statement, “For more than 20 years, Westfield has proudly and successfully operated San Francisco Centre, investing significantly over that time in the vitality of the property.”

“Given the challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy, and foot traffic, we have made the difficult decision to begin the process to transfer management of the shopping center to our lender”

 

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