Homeowners in San Francisco looking to sell in the troubled city are a whopping four times more likely than the average US home seller to take a loss, according to real estate brokerage Redfin.
Residents looking to get out of the city — where a once-trendy downtown area has descended into a drug-addled hellscape, and historic hotels have been converted into roach-infested “Single-Room Occupancy” housing for vagrants — can expect to sell their San Francisco abode for $100,000 less than they bought it for.
Roughly 12.3% — or one in eight — of the homes sold in the Bay Area during the three months ended July 31 was purchased for less than the seller bought it for, Redfin found.
The figure is a 5% increase from the same period a year ago, is higher than any other major US metropolis and a staggering four times the 3% national rate of homeowners who take a loss when selling their homes, according to the real estate firm.
Detroit is home to the second-highest share of homeowners who take a loss in their home-selling transactions, at 6.9%, followed by Chicago and New York, where 6.5% and 5.9% of homeowners take a loss in selling their homes, respectively.
Though the share of New York homeowners who reported a loss was half that in San Francisco, the cities were tied for the largest median loss in dollars, at $100,000, Redfin found in a separate analysis.
Thus, it’s not a surprise that San Francisco, Detroit, Chicago and New York all rank among the top 10 cities Redfin found residents want to move out of.
San Francisco ranks No. 1, New York No. 2, Chicago No. 5 and Detroit No. 9, according to Redfin.
Across the US, the average homeowner who didn’t profit off of selling their home lost $35,538, according to Redfin, which analyzed Multiple Listing Service data across the top 50 US cities of homes that were owned by the same party for at least nine months before the sale.
States where homeowners were least likely to sell at a loss: San Diego, Boston, Providence, R.I., Kansas City, Mo., and Fort Lauderdale, Fla.
In each of these cities, only about 1% of homes sold for less than the seller originally paid, Redfin reported.
Redfin attributed San Francisco’s unfortunate housing stats to a sharp decline in home prices triggered by high mortgage rates, which climbed to their highest level since 2001 last month.
As of April, the city’s median home price was down over 13% year over year — triple the nationwide slowdown of 4.2% — swiping a whopping $60 billion in the total value of homes since last year.
In addition, home prices in the Bay Area fell because the metro area was hit hard by mass layoffs in the tech sector, Redfin said.
Major tech firms based in San Francisco like Apple, Google, Meta and Salesforce all conducted rounds of layoffs within the past year.
In one of the largest layoffs San Francisco saw in recent months, Meta sacked 21,000 employees as part of Mark Zuckerberg’s so-called “year of efficiency.”
Salesforce also axed some 7,000 staffers — 10% of its workforce — at the beginning of this year after rapid pandemic-era hiring left the company with “too many people” amid an economic slowdown.
And late last year, Elon Musk infamously slashed his staff at Twitter, now known as X, in half, handing nearly 4,000 workers pink slips.
The families of the two victims of the Manchester synagogue attack have paid tribute to them as “heroic, beloved and cherished”.
Adrian Daulby, 53, and Melvin Cravitz, 66, were killed in the attack at Heaton Park synagogue in Crumpsall on Thursday.
Mr Daulby, a member of the congregation, was shot accidentally when police opened fire on attacker Jihad al Shamie.
The synagogue’s rabbi told Sky News it happened as Mr Daulby “was holding the doors to make sure everyone inside stayed safe”.
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Hero held doors closed to keep everyone safe, rabbi says
His family said he was a “hero” and a “lovely down-to-earth man” whose “final act was one of profound courage and he will forever be remembered for his heroic act”.
The family of Mr Cravitz – a security guard at the synagogue who was attending the service – said he would “do anything to help anyone”.
“He was so kind, caring and always wanted to chat and get to know people,” they said.
“He was devoted to his wife, family and loved his food. He will be sorely missed by his wife, family, friends and community.”
Image: Adrian Daulby. Pic: Family handout
The tributes came as police said three more people – a man and two women – had been arrested on suspicion of terror offences, bringing the total to six.
They also revealed the attacker had been on bail over a suspected rape, but wasn’t on the radar of counter-terror police.
The Independent Office for Police Conduct (IOPC) is investigating the shooting – standard practice when a member of the public is killed.
The investigation would include “whether police may have caused or contributed to the death” of Mr Daulby.
Sir Stephen Watson, the head of Greater Manchester police, confirmed Mr Daulby’s injury appeared to be “a tragic and unforeseen consequence of the urgently required action taken by my officers”.
‘Gentle giant’
Other relatives of Mr Cravitz told Sky News he was a “gentle giant” who “would never harm a fly”.
His cousin, Phil Bentley, said his death was even more tragic as he would never normally be at the synagogue that early.
Image: Melvin Cravitz. Pic: GMP
Hindi Cohen, a friend and neighbour, said he was a “lovely man” with a good sense of humour, adding: “Our kids loved him. He called himself uncle Melvin to my kids.”
One of Mr Daulby’s neighbours was also emphatic in his praise for a man he lived next door to for 20 years.
Abdul Rahimi called him “one of the best guys I’ve ever seen in my life” and a “very, very good man”, who often bought books and toys for children on their street.
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Synagogue attack victim was a ‘fantastic guy’
Another neighbour, Waqas Hussain, said the pair bonded over a shared love of nature, animals and birds.
He said Mr Daulby was a cancer survivor, who lived alone and started going to the synagogue more after his father died a few years ago.
“Just one of them people… so innocent, so approachable and so pure,” he told Sky News.
He said his friend hadn’t been fasting for health reasons and was debating whether or not to go the synagogue on Thursday.
Increased police patrols are being put in place near synagogues across the country following the atrocity.
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A vigil for the victims was also held in Manchester on Friday – but Deputy Prime Minister David Lammy walked out to shouts of “shame on you” and boos from a few in the crowd.
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Deputy PM heckled at vigil
“Go to Palestine but leave us alone,” one person shouted.
Another protester shouted “my children’s school was closed today – you allowed this to happen.”
Thirty-five-year-old Jihad al Shamie was named as the attacker on Thursday and is believed to be of Syrian descent.
He is understood to have been granted British citizenship when he was around 16, having entered the UK as a young child.
Police shot him dead seven minutes after the first emergency call as they feared he was wearing an explosive device – later identified as a fake.
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Timeline: How terror attack unfolded
Three men also remain in hospital after the attack, with two of them named as Yoni Finlay and Andrew Franks.
One suffered a stab wound, a second was hurt after being hit by a car that al Shamie is said to have driven towards the synagogue, and the third suffered a gunshot wound.
One of the injured victims was working for the Community Security Trust (CST), a charity which provides security to the Jewish community.
Its chief executive, Mark Gardner, said: “One of our CST personnel was seriously injured in yesterday’s terror attack at Heaton Park Synagogue.
“We pray for his continuing recovery and salute the courage of all those who helped stop the terrorist from getting into the shul.”
Sean “Diddy” Combs has been sentenced to more than four years in prison over prostitution charges relating to his former girlfriends and male sex workers.
Judge Arun Subramanian handed down his 50-month sentence – including a $500,000 fine – at the end of a long and emotional full-day hearing, which saw the hip-hop mogul speak out for the first time in court.
Combs, 55, admitted his past behaviour was “disgusting, shameful and sick”, and apologised personally to Cassie Ventura and “Jane”, another former girlfriend who testified anonymously during the trial.
Image: Sean Diddy Combs broke down and cried at one point during the sentencing hearing. Pic: AP/ Elizabeth Williams
But despite his plea for “mercy” and expressions of remorse, the judge told him he had abused his “power and control” with women he professed to love – and rejected the defence’s characterisation that “freak off” sexual encounters were consensual experiences, that his was just a “sex, drugs and rock’n’roll story”.
Addressing Cassie and “the other brave survivors who came forward”, the judge said. “We heard you… I can only say your families are proud of you and your children will be proud of you.
“You weren’t just talking to the jury you were talking to the women who feel powerless – you gave them a voice, you stood up to power, it’s not easy.”
Combs showed no visible change of emotion as his sentence was delivered, looking straight ahead as the judge spoke. Afterwards, he seemed subdued – with no sign of the enthusiasm or feeling showed earlier in the day.
Image: Six of Combs’s children, including Chance, right, and twins Jessie and D’Lila Star, addressed the judge in support of their father. Pic: AP/Richard Drew
Ahead of his own speech, the court heard from six of his seven children – causing the rapper to break down in tears as they spoke about how much they loved him, how he has changed, and how much they and their younger two-year-old sister need him.
The sentencing brings to an end a sordid case that featured harrowing testimony – not just from Cassie and Jane, but also from former employees and associates of Combs.
He was convicted in July of flying people around the US and abroad for sexual encounters, including his then girlfriends and male sex workers, in violation of prostitution laws.
However, he was cleared of more serious charges of racketeering conspiracy and sex-trafficking that could have put him in jail for life.
‘I hate myself right now’
Image: Diddy cried as his children read impact statements. Pic: Reuters/Jane Rosenberg
He expanded on this in court, saying he wanted to “personally apologise” to Cassie for “any harm” he caused her “emotionally or physically”, and to Jane – and all victims of domestic violence.
He told the court he got “lost in my excess and lost in my ego”, but since his time in prison he has been “humbled and broken to my core”.
Combs continued: “I hate myself right now… I am truly sorry for it all.”
Image: Janice Combs supported her son in court. Pic: AP Photo/Eduardo Munoz Alvarez
Once one of the most influential hip-hop producers of the 1990s and 2000s – the founder of Bad Boy Records and a Grammy-winning artist in his own right – he has led a very different life since his high-profile arrest.
He was facing a maximum of 20 years in prison for the prostitution-related charges, so the sentence is towards the lower end of the scale.
Prosecutors had argued he should spend at least 11 years behind bars, while Combs’s lawyers were calling for him to be freed almost immediately due to time already served since his arrest just over a year ago.
Christy Slavik, for the prosecution, told the judge sparing the rapper serious prison time would excuse years of violence.
‘Make the most of that second chance’
Image: Judge Arun Subramanian told Combs he will still have a life after prison if he takes his second chance. Pic: Elizabeth Williams via AP
The judge, who had rejected bail for the rapper several times before sentencing, told him that he would get through his time in prison. It will be hard, he said, but he will still “have a life afterwards”.
Combs has “a chance for renewal and redemption”, he added. “What went wrong can be made right… I am counting on you to make the most of that second chance.”
Outside the courthouse, journalists and onlookers swarmed the pavements as TV crews stood in a long row across the street, echoing scenes from the two-month high-profile trial.
It included four days of testimony from Cassie, now Cassie Ventura Fine, who told the court she was coerced and sometimes blackmailed into sexual encounters with male sex workers, referred to as “freak offs”.
Cassie responds
Image: Diddy and Cassie at the premiere for a film she starred in, just days after the 2016 hotel incident. Pic: zz/Galaxy/STAR MAX/IPx/ AP
Jurors were also shown video clips of Combs dragging and beating her in a Los Angeles hotel hallway after one of those sessions in 2016.
Combs referred to this in court, saying it was a “heavy burden” that he will forever carry, and that he was “sick from drugs” and “out of control” at the time, “lost in my excess and lost in my ego”.
Ahead of the sentencing, Cassie also submitted a letter to the judge, calling Combs a “manipulator” and saying she would fear for her safety should he be immediately released.
Responding to the sentence, her lawyers Douglas Wigdor and Meredith Firetog (Wigdor LLP), said: “While nothing can undo the trauma caused by Combs, the sentence imposed today recognises the impact of the serious offences he committed.
“We are confident that with the support of her family and friends, Ms Ventura will continue healing knowing that her bravery and fortitude have been an inspiration to so many.”