Today on the Southern California Real Estate Report we talk about a new audit that does not look favorable on the way the City of San Diego handles its Real Estate assets.
Nearly 25% of the City's leases are expired. This means the City is not renegotiating those leases at current market rents which is depriving the City of additional rental income.
The City is also not inspecting their properties making them unaware of of how the properties are running and maintenance problems that might be occurring.
Article referenced for this podcast from the Union Tribune. Linked below: https://www.sandiegouniontribune.com/news/politics/story/2022-03-01/audit-criticizes-how-san-diego-handles-its-80m-in-annual-leases-its-likely-forgoing-millions