https://therealdeal.com/sanfrancisco/2023/06/06/wells-fargo-to-take-a-60m-loss-on-13-story-office-tower-in-sf/
15 replies (most recent on top)
@lyg+1n0f0EFX what decade are you living in? the continued irrelevance of corporate media is exposing your boomer echo chamber as the lunatic fringe that it actually is.
2 hotel owners turned their keys back to the lender. Who do we "turn our keys" back to? Haha
@tmv sure, lets legislate that inefficient, expensive, dirty power is the only viable option.
All you're doing is continuing the red states' divorce from the national/global economy. They're already crumbling, you're proposing a race to the bottom.
If coal is so great, why are corporate power generators wanting to move away from it, even in states where it's being protected with legislation (typically what the right blames the left for doing).
No, it costs more to deal with liberal BS "environmental" policies. An economic war is being waged on power generation by green fascists. It's been going on for decades. It's why it costs billions to build a new power plant. The amount of corruption and bribery required to get one built is staggering. Meanwhile, poor people are the ones who suffer from the artificially high costs. Get rid of that parasitic nonsense and costs would drop through the floor.
@mme I love what that's going to do to currently red states. Texas, in particular, is moving even quicker towards purple.
But this isn't WF completely leaving SF, is it? Isn't there another large building still there?
the real nasty truth is that the internet is rendering cities obsolete
@nkb West Virginia has enacted laws to make it harder for coal plants to be closed, which is exactly what West Virginia power companies are trying to do. Wyoming and Montana both tried to sue states that closed coal-powered plants since it would hurt their economic livelihoods.
It costs more to continue operating a coal plant than to convert it to renewable energy but the families that made their fortunes on coal are afraid of losing them.
this was only a matter of time. there was another building close by, not owned by WF, that had the same issue. Better to take the loss, use it to reduce tax liability, and move on.
I just wanna know when the crack pipes are gonna get restocked in the vending machines in NYC
"Economically unviable", lol. The only way to make it so is to sic government and lawyers on it, intentionally driving up costs for no reason. You could do the same for any other source of power as well, and maybe they should for those 3rd world sourced EV battery chemicals.
Ok Charlie. Settle down!
Look who runs SF and NY, case closed.
Yeah, go somewhere more capitalist-friendly, like West Virginia, Montana, or Wyoming where they're legislating residents to bankroll economically unviable coal plants. Freedom at its finest.
San Francisco is a terrible place to be a capitalist - they are right to sell everything they have in SF, regardless of how much is lost. Refusing to exit SF because "we lost money" is the sunk cost fallacy. It's a city that hates capitalism, so you cut your losses by exiting the city, regardless of how much is lost in the process.