The burst of the housing bubble hits San Francisco
-->California Housing Crash, Real Estate July 6th, 2009
More signs of a collapsing economy in California. According to the SF Gate:
At least a dozen large development sites in the city’s South of Market district now sit empty or covered by asphalt because of the recession. If history is any guide, developers will either leave them fenced off or use them as parking lots.
Parcels stranded by the boom-turned-bust can be seen across the city, but two especially vivid examples are on display at either end of San Francisco’s zone of high-rise change, the terrain south of Market Street bounded by the bay, South Van Ness Avenue and Interstate 80.
One is the northeast corner of Harrison and Fremont streets on Rincon Hill, where cars spill from a Bay Bridge off-ramp. The other is the southwest corner of 10th and Market streets, a portal for drivers heading in from the city’s western neighborhoods.
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