Musk says X won't leave San Francisco despite city facing 'doom spiral'

Published

10 months ago

July 31, 2023

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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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Ebrahim Raisi: Who is hardliner Iranian president?

Published

35 mins ago

May 20, 2024

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Ebrahim Raisi: Who is hardliner Iranian president?

A helicopter carrying Iran’s president crashed during bad weather on Sunday.

But who is Ebrahim Raisi – a leader who faces sanctions from the US and other nations over his involvement in the mass execution of prisoners in 1988.

The president, 63, who was travelling alongside the foreign minister and two other key Iranian figures when their helicopter crashed, had been travelling across the far northwest of Iran following a visit to Azerbaijan.

Follow live: Rescuers search for president after helicopter crash

Mr Raisi is a hardliner and former head of the judiciary who some have suggested could one day replace Supreme Leader Ayatollah Ali Khamenei.

Because of his part in the sentencing of thousands of prisoners of conscience to death back in the 1980s, he was nicknamed the Butcher of Tehran as he sat on the so-called Death Panel, for which he was then sanctioned by the US.

Both a revered and a controversial figure, Mr Raisi supported the country’s security services as they cracked down on all dissent, including in the aftermath of the 2022 death of Mahsa Amini – the woman who died after she was arrested for allegedly not wearing her hijab properly – and the nationwide protests that followed.

The months-long security crackdown killed more than 500 people and saw over 22,000 detained.

In March, a United Nations investigative panel found that Iran was responsible for the “physical violence” that led to Ms Amini’s death after her arrest for not wearing a hijab, or headscarf, to the liking of authorities.

The president also supported Iran’s unprecedented decision in April to launch a drone and missile attack on Israel amid its war with Hamas, the ruling militant group in Gaza responsible for the 7 October attacks which saw 1,200 people killed in southern Israel.

Involvement in mass executions

Mr Raisi is sanctioned by the US in part over his involvement in the mass execution of thousands of political prisoners in 1988 at the end of the bloody Iran-Iraq war.

Under the president, Iran now enriches uranium at nearly weapons-grade levels and hampers international inspections.

Iran has armed Russia in its war on Ukraine and has continued arming proxy groups in the Middle East, such as Yemen’s Houthi rebels and Lebanon’s Hezbollah.

He successfully ran for the presidency back in August 2021 in a vote that got the lowest turnout in the Islamic Republic’s history as all of his potentially prominent opponents were barred from running under Iran’s vetting system.

A presidency run in 2017 saw him lose to Hassan Rouhani, the relatively moderate cleric who as president reached Tehran’s 2015 nuclear deal with world powers.

‘Very involved in anything’

Alistair Bunkall, Sky News’s Middle East correspondent, said the president is “a major figure in Iranian political and religious society” but “he’s not universally popular by any means” as his administration has seen a series of protests in the past few years against his and the government’s “hardline attitude”.

Mr Raisi is nonetheless “considered one of the two frontrunners to potentially take over” the Iranian regime when the current supreme leader dies, Bunkall said.

He added the president would have been “instrumental” in many of Iran’s activities in the region as he “would’ve been very involved in anything particularly what has been happening in Israel and the surrounding areas like Lebanon and Gaza and the Houthis over the last seven and a bit months”.

World

Iran president helicopter crash: The ‘butcher of Tehran’ has a fearsome reputation – and many will be fearing instability

Published

35 mins ago

May 20, 2024

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Iran president helicopter crash: The 'butcher of Tehran' has a fearsome reputation - and many will be fearing instability

Ebrahim Raisi has been one of Iran’s hardest of hardliners, a fanatical and absolute believer in the Iranian revolution and its mission.

If he has died on a mountainside in the north of the country, as looks increasingly likely, it will be a major moment for the country and the region.

It will remove from the Middle East one of its toughest most uncompromising players.

Follow live: Rescuers search for president after helicopter crash

A man who launched the first direct attack on Israel in his country’s history and a hardliner on whose watch hundreds of Iranians have been killed in the brutal repression of recent women-led protests, Mr Raisi has a huge amount of blood on his hands.

His fearsome reputation goes back to the 1980s – a period that earned him the dubious soubriquet the Butcher of Tehran.

He sat on the so-called Death Panel of four Islamic judges who sentenced thousands of Iranian prisoners of conscience to their deaths during the purge of 1988.

Mr Raisi has personally been involved in two of the darkest periods of Iranian repression. And he was seen as one of the favourite contenders to replace the elderly and ailing Supreme Leader Ali Khamenei.

His accession to that role would have guaranteed years more of the same… and years more meddling abroad.

With Mr Raisi as president, Iran has engaged in more and more adventurous interventions beyond its borders.

With him in charge Iran has helped Houthis menace international shipping in the Red Sea; helped Hezbollah engage Israel in a seven-month duel over its northern border; aided militia in Iraq to attack, and in some cases kill, American soldiers; and helped Hamas fight its own war against the Jewish state.

After two years of unrest, economic failure and stuttering recovery from the pandemic, Iran is divided and weakened.

Its government has lost much of its credibility and support because of the atrocities it has meted out to its women.

Few outside the regime and its ranks of ardent followers will mourn a man who has overseen the death, incarceration or torture of so many.

Iranians may dare yearn for less repressive times without him. Outsiders will hope for a less troublesome Iran.

Read more:
Who is Iranian President Ebrahim Raisi?

But there are plenty more where he came from and the Supreme Leader is likely to find another hardliner to replace him.

The fear will be of instability in the run-up to elections. The government has been undermined by recent events, its Supreme Leader is unwell.

If Mr Raisi is dead, his government will try to secure the succession as quickly and smoothly as it can.

World

Islamic State claims responsibility for gun attack that killed three Spanish tourists in Afghanistan

Published

35 mins ago

May 20, 2024

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Islamic State claims responsibility for gun attack that killed three Spanish tourists in Afghanistan

Islamic State has claimed responsibility after three Spanish tourists were killed when gunmen opened fire in Afghanistan’s central Bamiyan province.

An Afghan person was also killed, and a further four foreign nationals and three Afghans were injured in the attack in the mountainous region, the Taliban’s interior ministry has said.

Islamic State has claimed responsibility for the attack on its Telegram channel.

The Spanish Ministry of Foreign Affairs said on Friday that three of its nationals died in the attack and that at least one more had been injured.

Prime Minister Pedro Sanchez said in a post on X that he was “overwhelmed” by the news of their deaths.

Taliban spokesman Abdul Mateen Qani said on Friday that four people had been arrested.

Islamic State’s affiliate in Afghanistan is a major rival of the country’s Taliban government.

It earlier claimed an attack on Chinese citizens at a hotel in the capital Kabul in 2022.

Bamiyan province is home to the remains of two giant Buddha statues blown up by the Taliban in 2001 and the region is a UNESCO world heritage site.

Tourism in Afghanistan peaked in the 1960s and 1970s when the country formed part of the popular “hippy trail” route.

Since seizing power in August 2021, the Taliban has tried to promote Afghanistan as a travel destination – despite the fact many countries’ foreign offices, including the UK’s, say it is unsafe to travel to.

While the numbers remain small, their efforts appear to have so far paid off. In 2021, 691 foreign tourists visited Afghanistan and by 2023, the number had risen to 7,000.