XPost: talk.politics.misc, alt.politics.usa, alt.politics.republicans
XPost: alt.fan.rush-limbaugh
https://www.zerohedge.com/markets/park-hotels-makes-difficult-decision-stop-paying-san-fran-cmbs-loan-citing-concerns-over
You won't be shocked by Park CEO Thomas Baltimore's statement
on why it's a "necessary decision to stop debt service payments
on our San Francisco CMBS loan":
"After much thought and consideration, we believe it is in
the best interest for Park's stockholders to materially
reduce our current exposure to the San Francisco market.
Now more than ever, we believe San Francisco's path to
recovery remains clouded and elongated by major challenges –
both old and new: record high office vacancy; concerns
over street conditions; lower return to office than peer
cities; and a weaker than expected citywide convention
calendar through 2027 that will negatively impact business
and leisure demand and will likely significantly reduce
compression in the city for the foreseeable future."
. . .
At least two major insurers have dumped California in
the past week - Allstate & State Farm. No more property
insurance.
"Debt Service" is kind of a major thing for a city
or state. Park said it very clearly, SanFran is
FALLING APART. Other Cal cities are near or at the
same point due to Wokie policies/pols.
So, it's clear - the rats are abandoning ship. This
SHOULD say something to Cal voters - but it doesn't,
they won't hear. They'll keep voting ultra-left
until they literally die. Pretty much the same in
NYC and Chicago.
They'll get exactly what they deserve - the 3rd-world
experience.
And no, the Fed should NOT bail them out, not one penny.
They asked for it, they should GET it - very 'democratic'.
We know where to put the next border fence .....
Even Plato knew that 'democracy' could be a suicide pact.
Here, we see that in action in high-def. 'Democracy'
without wisdom/sanity/reality = doom.
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