Despite facing a tumultuous few years with a decline in tech jobs, reduced downtown traffic, and rising crime, San Francisco is slowly emerging from the pandemic, during which travel all but froze, costing the city $8 billion. Another factor: Since San Francisco is a gateway city that is dependent on inbound travelers coming from Asia and Europe, recovery has stalled, especially as tourists from China have yet to return to previous numbers.
“San Francisco will rebound,” says Sam Suleman, executive vice president and principal at San Francisco-based investment, management, acquisition, and development company Equinox Hospitality, “but it’s going to be slow.” Tech’s move to remote work has also been a challenge, “creating a perfect storm for San Francisco,” he continues, noting that the city is working to improve conditions.
