Maggie Visser 7/23/23 Maggie Visser 7/23/23

1987 news clip reveals eerie parallels to today's San Francisco

In 1987, San Francisco was in the midst of a "doom loop." The city's economy was in decline, businesses were moving out, and the homeless population was skyrocketing. Some people even predicted that the city would be "dead" within a few years.

Check out this CBS news clip from the archives...

But San Francisco didn't die. In fact, it made a remarkable comeback. The city's economy rebounded, businesses came back, and the homeless population was reduced.

Today, there are some who are speculating that San Francisco is once again in a doom loop with its economy facing challenges, high downtown office vacancy rates, businesses moving out, and rising drug abuse and homelessness.

Is history repeating itself?

According to Pitchbook, nearly half of all funding for artificial intelligence (AI) worldwide in the first three months of this year went to San Francisco companies ($11.1 billion). Mayor London Breed has declared San Francisco the AI Capital of the World, and a recent report from Avison Young identified nine AI companies looking for more than 700,000 square feet of office space in the city. While AI alone will not be the magic bullet that brings downtown back, it is a start.

The future is uncertain, but one thing is for sure: the City will continue to be a place of innovation, creativity, and diversity. San Francisco has faced challenges before, and it has always come back stronger.

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Cheers, Maggie

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