NO SOLUTION? –
Nov. 29, 2023 – Banks refuse to lend to a local business based on the state of San Francisco.
Owner Mark Sackett said his venue, which is also an antique store, is being auctioned off because he can’t get a mortgage refinance. The business is also next to a drug rehab center where people regularly smoke fentanyl outside. The owner purchased the building in 2004 for over $1.5 million, but was forced to auction it off due to an existing $2.5 million mortgage.
Up to 30 lenders have rejected mortgage refinancing Washington Examiner reported, meaning a massive loss is all but guaranteed.
“[Lenders] “We don’t do commercial real estate loans in San Francisco because of the state of the city,” Sackett said. “[City officials] Don’t even return my calls,” he continued. “They care about bike lanes, non-profits, and safe injection sites.”… They just ignored small businesses … I’m just done with San Francisco and the cops here. It’s out of control.”
Sackett said his building had a broken window that cost $4,000 to replace, while feces and needles were constantly spread near the storefront.
In addition to cleaning up human waste and drug paraphernalia, staff had to use pepper spray to deter break-in attempts, while the owner was also attacked by a person with a knife.
The business is also next to a drug rehab center where people regularly smoke fentanyl outside, he said San Francisco Chronicle.
