San Jose, California, is seeing a growing problem as high-rise towers in the city are facing foreclosure. A luxury condo complex that was once seen as a sign of the prosperity of the city of San Jose is now apparently soon to be defaulted on by property company Z&L Properties.
The news comes from an NBC Bay Area report that says the Home Owners Association Board claims that the developer is facing foreclosure after it did not pay between 600-800 dollars on over 200 unsold units. Two Z&L board members have been removed after a vote, which a San Jose Resident spoke to NBC Bay Area about.
She said, “A building of this size takes money to run, right? Even if we’re just talking about electricity and water. So, my concerns are that we’re not going to be able to make those payments with the money that is coming in from the residents that do live here.”
The project, which is not yet complete, has caught the attention of San Jose Mayor Matt Mahan, who said, “Whether or not they go to foreclosure, the outcome that we want for our residents is for someone who owns that building to complete the project and open it up.”
With many high-profile stars fleeing California to move to red states with more beneficial tax structures and less risk of falling victim to crime, San Jose and other large cities in the Sunshine State are fighting to stay afloat and regain their status as some of the best cities in America.
Even the Oakland A’s, a baseball team synonymous with the state of California, have moved away from the nation’s most highly populated state in order to find greener pastures in Las Vegas. This move shook the economy of Oakland and now is making other cities in California get their act together quickly to avoid a similar fate with their own sports teams, in this case, the NHL’s San Jose Sharks.
Rocker Nikki Sixx recently spoke about his move away from California with his family as they sought to find a better place to raise their kids. He said about the movie, “I felt like my journey took me back to a place where I can go fishing and see the mountains. And then one day, my wife was like, ‘Why are we still here in California? This is a better place to raise our daughter.’ We find ourselves coming down to Los Angeles to see friends. But then we are happy to go back home. And we spend 95% of our time in Wyoming. It’s home.”
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Now living in Jackson Hole, he seems to be at peace with the move, just like the plethora of other high-profile celebrities and businessmen who have fled the dark blue state. With high-rise developments failing in San Jose, it seems that the problems are not quickly ending for California as businesses continue to battle to remain afloat in the current economy.