San Francisco’s infamous Millennium Tower sinking
Craig D. Ramsey thought he was getting a deal.
In 2016, amid reports that San Francisco’s infamous Millennium Tower was sinking, he paid $13 million for a penthouse there, convinced that once the building’s structural problems were rectified, the unit’s value would soar.
The purchase price was a significant discount from the nearly $20 million the previous owner, the late venture capitalist Tom Perkins, spent to buy and build out the unit.
The deal speaks to a more pervasive problem at the luxury condo building. The gleaming, nearly 60-story tower was the tallest residential building in San Francisco when it opened in 2009, boasting high-end amenities and views of the Golden Gate Bridge and the Bay Bridge.
Then reports emerged that the building had sunk more than a foot and was tilting.
More than $100 million was spent on an infrastructure project that engineers say has resolved the problem and stabilized the foundation as of 2023.
However, values at the building haven’t rebounded.
Wall Street Journal 12 June 2025
Cities around the world are sinking; grundvattnet med mera
https://englundmacro.blogspot.com/2025/06/cities-around-world-are-sinking.html
Houston, as the saying nearly goes, has a problem.
The city is one of 25 American metropolises to be officially sinking, according to a new study using measurements from space
https://englundmacro.blogspot.com/2025/05/houston-has-problem-it-is-sinking.html
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