SF’s Former Biggest Landlord Veritas, Now Defaulting to the Tune of $1 Billion

San Francisco is currently witnessing a major shift in its real estate and retail landscape, epitomized by the downfall of Varius Investments, once the city's largest landlord, now defaulting on $1 billion in debt. This financial turmoil is compounded by the closure of iconic stores like Macy's downtown flagship and a Walgreens Financial District location, signaling deeper issues of safety, homelessness, and declining foot traffic. The city's office vacancy rate has skyrocketed to over 35%, a stark contrast to the pre-pandemic era. Despite the grim scenario, some see a silver lining with potential AI industry growth. However, the challenges of remote work, public safety, and the city's image persist, painting a complex picture of San Francisco's urban economy and its attempt to navigate through these turbulent times.