The rot is spreading.
From the Daily Mail, February 2:
San Francisco is hit by another huge blow as RESIDENTIAL property market begins to tank, with investor landlord ditching 459 homes across 12 buildings due to plunging occupancy blamed on crime
- Landlord Mosser Companies defaulted on a 2018 loan for $88 million that was underwritten by its 459 rental units across 12 buildings in San Francisco
- Its creditors are now selling off the multifamily home properties as vacancies fall to 82 percent
- San Francisco is experiencing a post-Covid 'doom loop' as occupancies have risen as families move out to escape rising crime and open air drug markets
San Francisco's residential property market has hit troubled waters as a major investor landlord announced the sell-off of a large section of its rental empire this week.
Landlord Mosser Companies defaulted on a 2018 loan for $88 million that was underwritten by its 459 rental units across 12 buildings in San Francisco.
The company's creditor has now hired real estate firm Cushman & Wakefield to sell the multifamily home properties, The San Francisco Chronicle reported.
Mosser Companies took on the debt pre-pandemic with low occupancy [sic - vacancy] rates, but as the city by the bay grapples with a post-Covid doom loop occupancies [sic] have risen as families move out to escape rising crime.
This, coupled with historically high interest rates as the loan came due, means Mosser and other real estate investors are looking to sell off their assets....
....MUCH MORE
