News of shopping center giant, Westfield, walking away from its San Francisco Centre mall and handing it back to the bank, overstates the city's social problems with homelessness, theft and crime.
San Francisco Centre
Typically, individuals and businesses that walk away from mortgages lose the property, damage their credit, and risk forfeiting other assets to compensate for the outstanding debt. However, URW has a loan arrangement that allows them to walk away without adversely affecting their other financial obligations or exposing their additional assets to collection lawsuits.
"We've seen very large corporations worth billions and billions of dollars defaulting on loans and it's pretty remarkable," said the University of British Columbia professor.Westfield announced that it is ending the operation of San Francisco Centre over a decline in foot traffic and sales. Davidoff talks about a kind of death spiral where fewer workers coming downtown, usually drives a lot of businesses that serve them, out of business. That leaves even fewer workers, and the spiral just continues.On the entire block where the San Francisco Centre mall sits, only one small shoe store remains. Other nearby stores are also departingm citing crime and a reduction in foot traffic.
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