Businesses leave, crime increases, cities struggle to generate revenue.

In this video, Peter highlights the dire situation in San Francisco. The California Senate recently passed a bill making it illegal for store employees to confront shoplifters, contributing to a rise in thefts. As a result, major retailers like Old Navy, Walgreens, T-Mobile, Whole Foods, Amazon Go, and Nordstroms are closing their San Francisco locations. The issue of rampant shoplifting is so severe that even mom-and-pop stores are forced to leave. Furthermore, the situation in San Francisco serves as a warning of a post-pandemic urban Doom Loop, where businesses leave, crime increases, and cities struggle to generate revenue for essential services like policing.