The Downside of Public Growth Stocks

There's 30% vacancy in San Francisco right now, maybe going up even more in the next few years as Lisa's role and people take less space. So you're going to be sitting on that property for five years, 10 years before the market comes back - but there's some value. If you were to build that building today, it would cost you many times what they're going to pay for it. The problem is you can't finance that purchase with debt because the building will not generate enough revenue.