[NYPOST] The pain is getting deeper for the Socialist paradise of San Francisco...where God struck dead Anton LaVey, home of the Sydney Ducks, ruled by Vigilance Committee from 1859 through 1867, reliably and volubly Democrat since 1964...
as the owners of one of the biggest shopping centers in the city decided to walk away after 20 years, in the face of declining sales, occupancy and foot traffic.
Unibail-Rodamco-Westfield said late on Monday it will transfer its Westfield San Francisco shopping mall to lenders.
The announcement followed Park Hotels & Resorts statement last week that it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels.
Westfield’s decision is the latest blow to San Francisco, the once-booming tech hub that has been particularly hard hit by the pandemic.
Office buildings lie empty as more people work from home, compounded by major layoffs by large tech companies.
The hit coupled with a rising US interest rate environment has made it costlier for companies to refinance their outstanding debt on these buildings, prompting loan payment cancellations or transfers of the properties back to lenders.
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