Mark Sackett, an owner of several businesses in San Francisco, is "done" with the city after two decades and is facing "financial ruin." He blames the city's leadership, SF Chronicle reported.
The businessman's concerns
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Per SF Chronicle, Sackett is in "financial ruin because he's been unable to refinance a $2.5 million mortgage due in February." This will lead to a "massive loss" because his building is reportedly scheduled to be auctioned. The outlet reported, "Sackett blames widespread drug use, violence, and filthy streets in the neighborhood for his inability to address his loan. Since the pandemic, the area has fallen to the worst condition Sackett has ever experienced."
Lenders made their point
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While 30 lenders declined to help, six made it clear they "are not making commercial real estate loans in San Francisco due to the state of the city." The SF Chronicle reported that a drug sobering center opened last year is next to Sackett's business, with some smoking fentanyl at the entrance.
Problems with break-ins
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The San Francisco outlet wrote that Sackett said, "his staff used pepper spray on four people trying to break in, and last year, someone attacked him with a knife. A window is currently broken, and he will have to pay around $4,000 to replace it." Despite the businessman's attempts to add planters and murals, the area looks unrecognizable.
Blaming the city's leadership
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Sackett claimed, per the outlet, that the area was infected with needles and waste, and the city's government failed to help him. He stated, "They don’t even return my calls," and added, "They care about bike lanes, nonprofits, safe injection sites. … They have just ignored small business."
The city's problems got worse since the pandemic
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Supervisor Matt Dorsey from the district said things worsened due to the pandemic, "especially in terms of the number of shelter-in-place hotels here and the myriad public safety challenges attributable to open-air drug markets and public drug use." Dorsey is optimistic to a certain degree, but "we’re just not recovering fast enough."
Sackett's loss
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The businessman estimated he lost almost $250,000 in revenue in 2023. This is mainly due to cancelations, as the owner of a "South of Market building with a printmaker, antique shop and events venue called the Box SF for almost two decades" believes clients loss trust in his business due to the state of the neighborhood. Bitterly, he shared, "I can put a tent in front of someone’s front door and sleep … but the city comes after me for ADA compliance."
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