![]() ![]() That’s the future Transbay Terminal, the construction of which is being amply and conveniently blamed for the sinking and leaning, though the sinking and leaning seems to have started before ground was even broken: Note the construction site to the right and in front of it. When push comes to shove, borrowers might be tempted to let the bank worry about their properties in the leaning tower of San Francisco.īelow is an image of the Millennium Tower via Google Earth. ![]() Standard purchase mortgages are non-recourse: they’re secured only by the property. California is one of the dozen or so “non-recourse” states. No one is certain how to repair it, or if it is repairable at all.Ī few things are certain: Large amounts of moolah will change hands, lawyers will get rich, and if taxpayers don’t watch out, the moolah may well change from their hands to other people’s hands – because the city of San Francisco has been dragged up to its eyeballs into this. Investigations, studies, and counter-studies have commenced. So what’s a condo worth in the 58-story Millennium Tower at 301 Mission St., the most luxurious condo tower in San Francisco, which has sunk 16 inches since its completion in 2008 and began leaning in 2009? “Values could climb in subsequent years if the building is repairable.” ![]()
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