{"id":26346,"date":"2023-06-23T02:53:03","date_gmt":"2023-06-23T06:53:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/san-francisco-landlords-borrowed-9-billion-from-wall-street-now-they-want-big-tax-relief-from-a-struggling-city\/"},"modified":"2023-06-23T02:53:04","modified_gmt":"2023-06-23T06:53:04","slug":"san-francisco-landlords-borrowed-9-billion-from-wall-street-now-they-want-big-tax-relief-from-a-struggling-city","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26346","title":{"rendered":"San Francisco landlords borrowed $9 billion from Wall Street. Now they want big tax relief from a struggling city."},"content":{"rendered":"
\n

San Francisco commercial property owners with almost $9 billion in outstanding loans from Wall Street are seeking tax relief from a city bracing for a budget shortfall that\u2019s expected to eclipse $1.2 billion in five years, according to Barclays.<\/p>\n

The requests come from many owners of San Francisco\u2019s best known office buildings, hotels and retail properties, including Vornado Realty Trust\u2019s 555 California office skyscraper in the financial district and the Westfield San Francisco mixed-use shopping center downtown, according to Barclays.<\/p>\n

\n

Westfield surrendered the keys to its shopping mall to lenders about a week ago, blaming \u201cchallenging operating conditions\u201d in the San Francisco\u2019s core, while still owing $558 million of debt on the property.<\/p>\n

Vornado Property Trust and Westfield did not respond to requests for comment. <\/p>\n

Vornado\u2019s co-head of real estate Glen Weiss said that 555 California, a former headquarters of Bank of America, has bucked the broader trend in downtown office space, during a May 2, first-quarter earnings call. It lost zero tenants, with Goldman Sachs, KKR, Microsoft and BofA all renewing leases in the last three years, without reducing their office space, he said.<\/p>\n

When it comes to remote working and the postpandemic recovery, \u201cprobably few other cities have been as negatively affected as San Francisco,\u201d a Barclays credit and municipal strategy team wrote, in a Wednesday client note.<\/p>\n

While San Francisco commercial property landlords filed for $59 billion in total tax relief in 2022 from the city, on average they requested a 40% drop in their assessments. That figure rose to 50% for loans securitized in bond deals.<\/p>\n

\u201cMarket price declines might be even more significant in some cases, as the city assessment already stands well below the appraised value at securitization for certain assets,\u201d the Barclays team wrote.<\/p>\n

The bulk of San Francisco\u2019s expected budget shortfalls can be tied to mandated cost, the Barclays team also pointed to \u201clower property tax revenue,\u201d in the wake of the COVID crisis and as the Federal Reserve sharply pace of rate hikes as also \u201cresponsible for the ballooning budget deficit.<\/p>\n

While San Francisco\u2019s soaring home prices get a lot of attention, its smaller share of commercial buildings are much more valuable, including in terms of bringing in the city\u2019s $2.5 billion in annual property taxes.<\/p>\n

Related:<\/strong> Former WeWork office building in San Francisco sees value slashed by about 66%<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

San Francisco commercial property owners with almost $9 billion in outstanding loans from Wall Street are seeking tax relief from a city bracing for a budget shortfall that\u2019s expected to eclipse $1.2 billion in five years, according to Barclays. The requests come from many owners of San Francisco\u2019s best known office buildings, hotels and retail […]<\/p>\n","protected":false},"author":1,"featured_media":26347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26346","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSan Francisco landlords borrowed $9 billion from Wall Street. 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