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The Debt Service Ratio in San Francisco
When these loans were underwritten, San Francisco had a 5% vacancy rate. Now it's 30% to 40%. There are just no tenants. They can't make their debt service. So where does that end up? Well, they default on the debt and the bank ends up owning the building. Freeburg: We'll have probably two to three trillion dollars of federal money spent to backstop and support the asset.