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Billionaire Elon Musk says Twitter the social media company he is in the midst of rebranding as “X” will keep its headquarters in San Francisco despite the “doom loop” the city is facing as big-name businesses head for the exits.

Musk, who led a group of investors in acquiring Twitter that took the company private in a $44 billion deal last year, tweeted Saturday that the companys headquarters will remain in San Francisco despite receiving offers aimed at enticing the company to relocate.

“Many have offered rich incentives for X (fka Twitter) to move its HQ out of San Francisco. Moreover, the city is in a doom spiral with one company after another left or leaving. Therefore, they expect X will move too. We will not,” Musk explained.

“You only know who your real friends are when the chips are down. San Francisco, beautiful San Francisco, though others forsake you, we will always be your friend,” Musks tweet concluded.

San Franciscos economy has suffered from an exodus of businesses and residents in the last few years, creating a “doom loop” in which a local government enters a downward fiscal spiral as its tax base declines.

An urban doom loop involves a decline in workers present in offices in city centers, which results in businesses shrinking their office footprint and rental overhead.

The decline in demand causes real estate prices to fall, which in turn reduces property tax revenue while other sources of tax revenue, like sales tax, also take a hit due to the reduced traffic in downtown areas.

As the overall tax base declines, it becomes harder for city governments to fund public services like law enforcement as theyre forced to make trade-offs that include things like budget cuts or tax hikes to stabilize their finances both of which can drive more businesses and residents to depart if those policies have a negative effect on the economic climate or overall quality of life.

The growing popularity of remote work has accelerated that trend, decreasing the number of workers heading to the office on a daily basis as it becomes easier than ever for workers to live in suburban and rural areas without commuting.

The tech-heavy economy of San Francisco and criticisms of the city governments record on public safety issues have made it a case study in the dynamics that drive urban doom loops.

According to data from the Census Bureau, the population of San Francisco County declined by 7.5% from April 1, 2020, to July 1, 2022.

Commercial real estate firm CBRE released data in early July that showed that San Francisco had an overall office vacancy rate of 31.6% in the second quarter of 2023.

The CBRE report noted that in the last quarter “negative net absorption accelerated due to slow leasing activity, combined with a high volume of lease expirations and several new sublease listings.

This resulted in 1.83 million sq. ft. of occupancy loss, which increased the market-wide vacancy rate from 29.4% to 31.6%.”

Although Twitter isnt relocating its headquarters, the company has sought to shrink its office footprint in San Francisco and faced a lawsuit from its landlord earlier this year over unpaid rent  although the social media company has faced similar suits at offices in Denver, Oakland and London since Musk acquired Twitter and began a broad cost-cutting push to stabilize its finances.

Amid Twitters rebrand to X, city officials filed a complaint and opened an investigation into whether the company had the proper permits to install an illuminated “X” atop its downtown headquarters.

Police had stopped the installation last week but later said there was a “misunderstanding” and that the incident was not a police matter.

City officials say a permit is required to change letters or signs on buildings or to erect a new sign on top of a building.

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Former White Sox pitcher, world champ Jenks dies

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Former White Sox pitcher, world champ Jenks dies

Bobby Jenks, a two-time All-Star pitcher for the Chicago White Sox who was on the roster when the franchise won the 2005 World Series, died Friday in Sintra, Portugal, the team announced.

Jenks, 44, who had been diagnosed with adenocarcinoma, a form of stomach cancer, this year, spent six seasons with the White Sox from 2005 to 2010 and also played for the Boston Red Sox in 2011. The reliever finished his major league career with a 16-20 record, 3.53 ERA and 173 saves.

“We have lost an iconic member of the White Sox family today,” White Sox chairman Jerry Reinsdorf said in a statement. “None of us will ever forget that ninth inning of Game 4 in Houston, all that Bobby did for the 2005 World Series champions and for the entire Sox organization during his time in Chicago. He and his family knew cancer would be his toughest battle, and he will be missed as a husband, father, friend and teammate. He will forever hold a special place in all our hearts.”

After Jenks moved to Portugal last year, he was diagnosed with a deep vein thrombosis in his right calf. That eventually spread into blood clots in his lungs, prompting further testing. He was later diagnosed with adenocarcinoma and began undergoing radiation.

In February, as Jenks was being treated for the illness, the White Sox posted “We stand with you, Bobby” on Instagram, adding in the post that the club was “thinking of Bobby as he is being treated.”

In 2005, as the White Sox ended an 88-year drought en route to the World Series title, Jenks appeared in six postseason games. Chicago went 11-1 in the playoffs, and he earned saves in series-clinching wins in Game 3 of the ALDS at Boston, and Game 4 of the World Series against the Houston Astros.

In 2006, Jenks saved 41 games, and the following year, he posted 40 saves. He also retired 41 consecutive batters in 2007, matching a record for a reliever.

“You play for the love of the game, the joy of it,” Jenks said in his last interview with SoxTV last year. “It’s what I love to do. I [was] playing to be a world champion, and that’s what I wanted to do from the time I picked up a baseball.”

A native of Mission Hills, California, Jenks appeared in 19 games for the Red Sox and was originally drafted by the then-Anaheim Angels in the fifth round of the 2000 draft.

Jenks is survived by his wife, Eleni Tzitzivacos, their two children, Zeno and Kate, and his four children from a prior marriage, Cuma, Nolan, Rylan and Jackson.

The Associated Press contributed to this report.

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In search of infield options, Yanks add Candelario

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In search of infield options, Yanks add Candelario

NEW YORK — The New York Yankees, digging for options to bolster their infield, have signed third baseman Jeimer Candelario to a minor league contract and assigned him to Triple-A Scranton/Wilkes-Barre, the affiliate announced Saturday.

Candelario, 31, was released by the Cincinnati Reds on June 23, halfway through a three-year, $45 million contract he signed before the start of last season. The decision was made after Candelario posted a .707 OPS in 2024 and batted .113 with a .410 OPS in 22 games for the Reds before going on the injured list in April with a back injury.

The performance was poor enough for Cincinnati to cut him in a move that Reds president of baseball operations Nick Krall described as a sunk cost.

For the Yankees, signing Candelario is a low-cost flier on a player who recorded an .807 OPS just two seasons ago as they seek to find a third baseman to move Jazz Chisholm Jr. to second base, his natural position.

Candelario is the second veteran infielder the Yankees have signed to a minor league contract in the past three days; they agreed to terms with Nicky Lopez on Thursday.

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Dodgers’ Snell pitches to hitters, ‘looked good’

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Dodgers' Snell pitches to hitters, 'looked good'

LOS ANGELES — Pitchers Blake Snell and Blake Treinen are progressing toward a return for the Los Angeles Dodgers.

Snell and Treinen each faced hitters Saturday, and Snell pitched two innings. Each could begin a rehab assignment after the All-Star break.

The 32-year-old Snell has pitched in two games for the Dodgers following his five-year, $182 million free agent deal after spending last season with the San Francisco Giants and three before that with the San Diego Padres. He is a two-time Cy Young Award winner.

“(Snell) looked good. He looked really good,” manager Dave Roberts said. “I don’t know what the velo was but the ball was coming out really well. He used his entire pitch mix. I thought the delivery was clean, sharp, so really positive day.”

The Dodgers’ starting rotation has been injury-prone this season but is starting to get a boost from Shohei Ohtani, the two-way superstar who is working as an opener in his return from elbow surgery.

Treinen is looking to get back to his role in the back end of the bullpen. He threw one inning Saturday.

“Blake Treinen I thought was really good as well,” Roberts said. “Both those guys should be ready at some point in time shortly after the All-Star break.”

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