CALIFORNIA’S CONTINUING COLLAPSE!
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California’s Continuing Collapse
California’s rapid descent is starting to remind me of the old Hemingway line about how someone went bankrupt: “Gradually and then suddenly.”
The
The migration from the Bay Area appears real. Residential rents in San Francisco are down 27 percent from a year ago, and the office vacancy rate has spiked to 16.7 percent, a number not seen in a decade.
Though prices had dropped only slightly, Zillow reported more homes for sale in San Francisco than a year ago. For more than a month last year, 90 percent of the searches involving San Francisco on moveBuddha were for people moving out.
The migration from the Bay Area appears real. Residential rents in San Francisco are down 27 percent from a year ago, and the office vacancy rate has spiked to 16.7 percent, a number not seen in a decade.
Though prices had dropped only slightly, Zillow reported more homes for sale in San Francisco than a year ago. For more than a month last year, 90 percent of the searches involving San Francisco on moveBuddha were for people moving out.
Twitter, Yelp, Airbnb and Dropbox have tried to sublease some of their San Francisco office space. Pinterest, which has one of the most iconic offices in town, paid $90 million to break a lease for a site where it planned to expand. . .
LOS ANGELES A letter from a major contractor blames the state for delays in building California’s bullet train, contradicting claims that the line’s construction pace is on target and warning the project could miss a key 2022 federal deadline, according to a newspaper report Tuesday.
The 36-page letter obtained by the Los Angeles Times alleges the high-speed rail project faces problems including continuing delays in obtaining land for the line and the state’s failure to finalize deals with outside parties such as utilities and freight railroads.
The delays will result in stalled work and layoffs, construction giant Tutor Perini says in the letter.