The economic challenges of the city’s downtown have sparked speculation of a so-called ‘doom loop’. But some say its emptiness may be part of the solution
on the housing bubble that exploded into the 2008 financial crisis, thinks the move makes sense. “The city is set up to serve a large commuting population. That population is gone and not coming back. It will be a doom loop if the city doesn’t make it a top priority to convert commercial to residential,” he said.
Egan, the city’s chief economist, is skeptical that office-to-housing conversions are going to change the dynamics of downtown in time to save any small businesses. “It’s not going to be the horse that pulls the cart. It might be the cart. But I tend to think that the return of office workers, one way or the other, is going to be the thing that does it.
He thinks their value is about to crater. “The people holding that value will lose it. And they will be sad, and they’ll be jumping off buildings, and they’ll be freaking out,” said Carlsson, who sheds no tears for property investors. “That’s fine. That’s capitalism, right?”Chris Carlsson of Shaping San Francisco
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