close video With all the businesses leaving San Francisco, ‘you’re not going to have a city left’: David Lee
Tacorea restaurant owner David Lee describes being mentally drained by the crime wave, and says he hasn’t received victim help from San Francisco leadership.
One of the largest publicly traded real estate investment trusts in the U.S. plans to close two of San Francisco's major downtown hotels, saying the city's streets are unsafe and expressing doubts about the area's ability to recover.
Park Hotels & Resorts Inc. announced this week that it stopped making payments on a $725 million loan that secured both its 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco properties and expects to remove them from its portfolio, citing several "major challenges" in the California city.
A sign on the exterior of the Hilton San Francisco Union Square on Tuesday. (Justin Sullivan / Getty Images) Ticker Security Last Change Change % PK PARK HOTELS & RESORTS INC. 14.36 +0.21 +1.52%
"This past week we made the very difficult, but necessary decision to stop debt service payments on our San Francisco CMBS loan," Park Hotels CEO Thomas J. Baltimore Jr. said in a statement. "After much thought and consideration, we believe it is in the best interest for Park’s stockholders to materially reduce our current exposure to the San Francisco market."
COMMERCIAL REAL ESTATE CRASH STILL LOOMING OVER US ECONOMY
"Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges — both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand and will likely significantly reduce compression in the city for the foreseeable future," Baltimore said.
A view of the Parc 55 by Hilton Hotel in San Francisco on Tuesday. (Justin Sullivan / Getty Images)
In its June investor presentation, Park Hotels cited "on-going concerns over safety and security" as part of its rationale for giving up on the two prominent San Francisco hotels, and said the move would save $30 million a year in interest payments and some $200 million in maintenance expenses over the next five years.
BUSINESS OWNER ABANDONS ‘LAWLESS’ SAN FRANCISCO, CALLS OUT ‘HORRIFIC’ CITY LEADERSHIP: ‘WE’RE FED UP'
All told, Park operates 46 hotels and resorts mostly located in city centers and resort locations, including the New York Hilton Midtown, the Hyatt Regency in Boston, the Hilton Hawaiian Village Waikiki Beach Resort in Honolulu and the Orlando Waldorf Astoria in Orlando, Florida.
Homeless people gather in an encampment in the Tenderloin district of downtown San Francisco on Feb. 24, 2022. (Gary Coronado/Los Angeles Times via / Getty Images)
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Park's departure comes amid a growing exodus of retailers fleeing downtown San Francisco for various reasons as the city continues to struggle with retail theft, homelessness and a raging drug crisis.
Sean Allen is a contributing writer for fantasy hockey and betting at ESPN. He was the 2008 and 2009 FSWA Hockey Writer of the Year.
There are a lot of ingredients that go into the meat grinder when we are crafting up fantasy rankings.
Without getting into how the sausage is made too much, there’s a blend of weighted fantasy points per game averages, which are then modified by a model generated by historical comparables for each individual skater. For goaltenders, it’s even more complex with current and past team dynamics, combined with a manual crease share estimation also thrown into the mix.
But they’re never quite perfect. Some sausages don’t have the right spice blend, the proper fat ratio, or the right bind.
It’s even trickier when the meat is out of season; the offseason grind often produces sausages that are a little … undercooked.
The ESPN fantasy hockey rankings got an in-season update for the first time on Friday. The previous rankings were for preseason drafts.
Since then, some of the sausages have turned out surprisingly well, while others are still a bit raw. Certain players who were ranked far too low have been flipped, now seasoned and ready for the table, while others who were overhyped have fallen apart.
Linus Ullmark, G, Ottawa Senators(previously ranked 266; 54 last week): This applies to Ullmark and several other goaltenders. They are the toughest to project. Even now, Ullmark only has 0.6 fantasy points on the season. But what we are looking for above all else are positive team outcomes and workload. Ullmark has both of those going for him, so his season-long projection has come a long way since last spring.
Chris Kreider, LW, Anaheim Ducks(previously ranked 287; 114 last week): Five games into the season, in-season outcomes have already changed his fortunes. The energy the Ducks have shown — with Kreider in the heart of the attack, when he’s not ill — has been significant enough to suggest Kreider’s goal-scoring ways are making a return.
Shane Pinto, C, Ottawa Senators (previously ranked 248; 102 last week): Good things can happen when you shoot. Pinto fired 1.8 shots per game last season. He’s averaging 4.0 per game this season. No wonder he’s already taken down more than a third of his career-high goal total in just 10 games.
Dylan Larkin, C, Detroit Red Wings(previously ranked 154; 18 last week): It certainly looks like Larkin finally has the talent around him to be the dominant fantasy force that’s been just under the surface for years. Only 10 other skaters have started with better per-game fantasy totals.
Jaden Schwartz, LW, Seattle Kraken(previously ranked 200; 126 last week): To be fair, it still feels tricky to pick which members of the Kraken will truly be the ones rising to the top by season’s end. But Schwartz certainly has the early reins as offensive leader, with four goals and eight points across nine games.
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Jaden Schwartz taps in the opener for the Kraken
Jaden Schwartz taps in the opener for the Kraken
Overcooked
Andrei Svechnikov, LW, Carolina Hurricanes(previously ranked 139; 438 last week): Just 0.3 fantasy points per game? Svechnikov can recover from this atrocious start, but he has some hills to climb to do so. And it will be too late for fantasy managers.
Steven Stamkos, C, Nashville Predators(previously ranked 101; 341 last week): It seems last season wasn’t an aberration, but simply the new normal. Stamkos is not a fantasy force on the Predators.
Matt Duchene, C, Dallas Stars(previously ranked 105; 303 last week): Having Duchene as depth is going to payoff for the Stars, but fantasy managers can’t afford to wait for his number to be called up the depth chart.
Drew Doughty, D, Los Angeles Kings(previously ranked 99; 235 last week): Without the power play, Doughty’s stat line is getting a bit thin for fantasy. As long as the Kings keep their five-forward advantage, Doughty is out of the mix.
Goalie notes
Here’s this week’s selection of goaltending snapshots, showing crease shares, fantasy production, and key notes where relevant.
Luukkonen might not have started on the weekend if Ellis hadn’t been hurt, so this crease is getting quite intriguing. And with Lyon ranked eighth among goaltenders for fantasy points, it’s worth paying attention to how the rotation shapes out now.
Success in a losing cause isn’t an easy task, but volume looks like it will keep Knight as a fantasy play going forward. Only four other goaltenders have more fantasy points so far, despite Knight sitting on just three wins.
Three consecutive outings with negative fantasy points shows the risks inherent with backups like Wedgewood. When things are good, it’s great, but when they are not, they really are not. Mackenzie Blackwood is due back soon. He should be rostered in every league, but is available in about a quarter of them.
Back at practice, Joseph Woll should be in game action sooner than later, relieving the pressure on Stolarz and hopefully getting both of them back to roster-worthy, as they managed to stay all last season.
Kevin Lankinen (crease share season/week: 40.3%/49.5%, fantasy points season/week: -5.6/-9.8, 96.3% available)
Right now, it’s roughly a 60-40 split. The Lankinen contract gave us pause about a potential tandem during the offseason, but Demko is establishing clear separation. Good news for managers invested in Demko: volume is all he needs to climb from middling to near the top of fantasy goaltenders.
Jason Zucker, LW, Buffalo Sabres (available in 88.0%)
If you need a specific boost in power-play points in a medium or deep fantasy league, surnames starting with Z might be the way to go. Zacha and Zucker don’t offer a lot at 5-on-5, but are both key cogs of their respective power-play units.
Zayne Parekh, D, Calgary Flames (available in 94.6%): Tuesday’s tilt is a big one for Parekh. The Flames have been rolling him into the quarterback role across the past few games and it’s a homecoming for him. But most importantly, it’s his ninth game, which is the last one the Flames get before he loses eligibility to go back to the OHL.
Valeri Nichushkin, RW, Colorado Avalanche (available in 56.1%): Elevated to the top unit over Brock Nelson, the results are starting to come in after a slow start for Nichushkin. If the second line ever gets going at even strength, he’ll become a must-have, but he fits fantasy rosters as a power-play specialist already.
David Tomasek, RW, Edmonton Oilers (available in 99.7%): It’s been nine games and the Oilers aren’t moving off Tomasek as the fifth forward on what could be one of the best power plays in the league. At some point, Connor McDavid will start scoring more, and some of that action will come on the power play. It’s worth considering Tomasek as a bench stash.
Ivan Demidov, RW, Montreal Canadiens (available in 49.7%): The Habs have switched to Demidov over Zach Bolduc on the top unit, which elevates Demidov’s potential significantly. We just need him to start shooting more.
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Ivan Demidov scores goal for Canadiens
Ivan Demidov nets goal for Canadiens
Brady Skjei, D, Nashville Predators (available in 44.4%): Someone has to fill in for an injured Roman Josi. That doesn’t mean you want Skjei on your fantasy team, but it’s at least worth noting. The unit did pick up a goal with Skjei at the helm already.
Trevor Zegras, C, Philadelphia Flyers (available in 45.8%): Zegras has been on the ice for all four of the Flyers power-play goals so far this season. He’s currently on what might be the second unit on paper, but is the first unit in practice, with three goals across the past three games.
Anthony Mantha, RW, Pittsburgh Penguins (available in 90.3%): The early answer to who replaces Rickard Rakell on the Pens top unit, Mantha has some potential with this added assignment. His 5-on-5 line with Evgeni Malkin and Justin Brazeau is on fire. Admittedly, they’ll cool off at some point, but they are hot now. Add in some looks with Sidney Crosby on the advantage, and we could have some fantasy value for the medium-term.
Shea Theodore, D, Vegas Golden Knights (available in 28.8%): So, either the Knights are in a serious funk on the advantage, or Mark Stone is absolutely critical to the attack. The top unit with Stone as part of a five-forward group had eight goals across 22:04 with 4.71 shot attempts per two minutes. With Theodore on the point and Stone injured, the group has no goals and 0.66 shot attempts per two minutes across 6:06.
Rachel Reeves has said she is determined to “defy” forecasts that suggest she will face a multibillion-pound black hole in next month’s budget, but has indicated there are some tough choices on the way.
Writing in The Guardian, the chancellor argued the “foundations of Britain’s economy remain strong” – and rejected claims the country is in a permanent state of decline.
Reports have suggested the Office for Budget Responsibility is expected to downgrade its productivity growth forecast by about 0.3 percentage points.
Image: Rachel Reeves. PA file pic
That means the Treasury will take in less tax than expected over the coming years – and this could leave a gap of up to £40bn in the country’s finances.
Ms Reeves wrote she would not “pre-empt” these forecasts, and her job “is not to relitigate the past or let past mistakes determine our future”.
“I am determined that we don’t simply accept the forecasts, but we defy them, as we already have this year. To do so means taking necessary choices today, including at the budget next month,” the chancellor added.
She also pointed to five interest rate cuts, three trade deals with major economies and wages outpacing inflation as evidence Labour has made progress since the election.
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Chancellor faces tough budget choices
Budget decisions ‘don’t come for free’
Although her article didn’t address this, she admitted “our country and our economy continue to face challenges”.
Her opinion piece said: “The decisions I will take at the budget don’t come for free, and they are not easy – but they are the right, fair and necessary choices.”
Yesterday, Sky’s deputy political editor Sam Coates reported that Ms Reeves is unlikely to raise the basic rates of income tax or national insurance, to avoid breaking a promise to protect “working people” in the budget.
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This, in theory, means those on higher salaries could be the ones to face a squeeze in the budget – with the Treasury stating that it does not comment on tax measures.
In other developments, some top economists have warned Ms Reeves that increasing income tax or reducing public spending is her only option for balancing the books.
Experts from the Institute for Fiscal Studies have cautioned the chancellor against opting to hike alternative taxes instead, telling The Independent this would “cause unnecessary amounts of economic damage”.
Although such an approach would help the chancellor avoid breaking Labour’s manifesto pledge, it is feared a series of smaller changes would make the tax system “ever more complicated and less efficient”.
Here are my rolling assumptions for the shape of the budget on 26 November, which I will update as the date draws closer.
It sets out why there is a black hole – and what might fill it, with greater confidence about the former. Note the Treasury has not yet received the final forecasts.
Some of the suggestions and assumptions have been drawn up with the help of the Resolution Foundation, but the judgements are mine.
The size of the black hole
£10bn – Forecast downgrade, comprising of lower future productivity offset by upgrade to wage growth
£2bn-£4bn – Debt interest costs, depending on the window picked by the Office for Budget Responsibility
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£5bn – Reducing unallocated departmental spending in 2029/30
£8bn – Freezing personal allowance
£4bn – Close capital gains tax loopholes on people moving abroad and after death
£2bn – Higher rate council tax band
£2bn – Get Limited Liability Partnerships to pay national insurance
£1-£2bn – Higher gambling taxes
£1bn – Raise higher rate income tax
Total: £23bn
How to fill the rest?
One big measure or lots of little measures. The Resolution Foundation has explored putting up income tax and simultaneously reducing national insurance.
This means for most employees their tax bill doesn’t change. But the self employed are paying more and pensioners pay more, along with landlords who pay more because income tax is paid on rental income not national insurance. This raises £6bn.