'What is happening right now, which is incredibly healthy for San Francisco, is a devaluing of commercial property and a need for adjusting rent to reality,' jeffreytumlin told The Examiner.
Jeffrey Tumlin took over as executive director of the San Francisco Municipal Transportation Agency in December 2019, three months before the pandemic lockdowns began.
In fact, he thinks the current commercial real estate crisis may be a prelude to another San Francisco boom. What kinds of conversations have you had with the heads of other major transit agencies about this crisis, given that systems like BART are also hurting? Remote work is a big issue. There's a debate about it, especially in tech. Do you have any insights into this conversation?
Those businesses are coming back to San Francisco because the rents are going back to what the rents were 10 years ago. The rents that we had three years ago were totally unsustainable. The rents that we had three years ago created the problem of San Francisco over investing in a single industry which also made us vulnerable.We're reading reports of hotel owners walking away from their properties and the closing of Nordstrom.
Not at all. In fact, this is exactly what we should be seeing right now. What is happening right now, which is incredibly healthy for San Francisco, is a devaluing of commercial property and a need for adjusting rent to reality. So I would expect to see a healthy amount of bankruptcies that are necessary to restructure the economy in order to bring those rents down. Bankruptcies are actually a very healthy activity, because it's what allows businesses to restructure to a new economy.
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