Wyoming | The commercial real estate bloodbath is only starting. For example, Nordstrom just announced that they're closing both of their stores in San Francisco today. That's 10's of thousands of square feet of commercial real estate that won't be quickly occupied again. This closure apparently blindsided the city government as well as locals in SF. The reason given? They can no longer suffer the losses from shoplifting. People forget that we've seen what is happening in major cities before, in the city in the US that was the "Athens of America" -- Detroit. In the 1950's, Detroit was the richest, most advanced, most forward-looking city in the United States, bar none. In 1967 to 1968, there were riots that burned Detroit's future to the ground. Today, Detroit looks like a bombed-out shell of its former glory, which huge inventories of both commercial and residential real estate that are sitting empty, reverting to nature. There's nothing to say that San Francisco, Minneapolis, NYC, LA, etc cannot suffer the same fate.
Edited by WYDave 5/3/2023 00:22
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