Owner gives up 2 big S.F. hotels expects city’s recovery to take up to 7 years

[latchkey]

https://www.sfchronicle.com/sf/article/s-f-hotel-owner-city-recovery-to-take-7-years-18279484.php

[pseudocomposer]

If the city made an actual progressive public investment, and simply turned these buildings into (reasonably) affordable housing, they could easily kick-start a long overdue development density increase. SF is such a nice place to live, and could be such a nice community. It’s a shame that local politics has made it impossible for people who don’t come from money or exploit others to survive there.

[up2isomorphism → pseudocomposer]

There is nothing really “affordable” in SF, if you are in touch with the reality.

[pseudocomposer → up2isomorphism]

Nor will there ever be, unless the “ever-faster-increasing property value” political-real estate complex entrenched in the area is sacrificed for the public good.

[moomoo11]

Turn it into a startup hotel.

Give startup founders and their teams a place to live with some conference room setups and what not.

I’d pay 2500 to 3500/mo to live in such a setup if I get a hotel room, and regular cleaning.

Maybe less rent with a number of shares or equity in the business. Worst case scenario you make some money. Best case scenario you make a fuck ton.

[dilyevsky → moomoo11]

Flex offices where you can legally sleep already exist in SF. We are renting one. About half of these are empty at our complex…

[Tempest1981 → dilyevsky]

What are the monthly rents like?

[dilyevsky → Tempest1981]

10-20% cheaper than similar sized non-flex unit. They only rent these to companies so I'm guessing it reduces the demand pool.

[Tempest1981]

I wonder if the recovery mirrors Caltrain ridership?

Looking at the 2nd graph here, the recovery trajectory looks like at least 7 years:

https://caltrainridership.com/

Or will the AI boom accelerate this?

[mattnewport]

"reflected a plunge in bookings and a pandemic recovery expected to take far longer than expected."

Expected to take far longer than expected is a rather strange phrasing...

[filoleg → mattnewport]

I personally took it as "expected to take far longer than [initially] expected".