City Doom Loop: Boston, alongside other major U.S. cities like San Francisco, Denver, Seattle, Washington, D.C., and New York, is grappling with a significant budget shortfall due to the dual impact of a decline in commercial real estate prices, prompted by the rise in remote work, and a drop in tourism. This financial strain is echoed in states like California, Maryland, and Arizona, which are facing similar fiscal challenges as they navigate the post-pandemic economic landscape. (Business Insider)

Debt’s Golden Gate: San Francisco's ability to repay its debt is under threat due to a slow recovery from the pandemic and increasing budget expenditures, according to S&P Global Ratings. The ratings company has downgraded the city's outlook from stable to negative, citing a weak commercial real estate market and reduced tourism activity. The city's budget expenditures surpassed revenue growth in fiscal 2023, and S&P predicts challenges in making necessary cuts to restore budgetary balance. Despite these issues, the company affirmed its AAA long-term rating on the city's outstanding general obligation debt due to sufficient general fund reserves that could offset projected deficits for the next two years. (Bloomberg)

Judgment: Judge Stephen R. Bough of the U.S. District Court for the Western District of Missouri has approved a motion to merge two major antitrust commission cases, Gibson and Umpa, which challenge the current U.S. commission structure and aim to represent millions of home sellers nationwide. The decision follows a $1.78 billion award to a class of approximately 500,000 Missouri homeowners in the Sitzer | Burnett case, which found that the National Association of Realtors (NAR) and major real estate franchisors had conspired to inflate broker commission rates. (Inman)

You know it's bad when a city's office district starts looking like the set of a post-apocalyptic movie. St. Louis is basically auditioning for 'The Walking Dead: Corporate Edition'. If office buildings were emojis, St. Louis' downtown would be the sad face with the boarded-up eyes.

Let’s go!