In a twist that would make even Silicon Valley’s most cutthroat venture capitalists cringe, San Francisco’s once-mighty mega-landlord Veritas is on the brink of losing its entire real estate empire.

From Landlord King to Foreclosure Nightmare

Remember when Veritas was strutting around the Bay Area like they owned half the city? Well, karma has entered the chat – and she’s not playing nice. The company is now staring down a whopping $652 million loan default that could see 66 apartment buildings (with nearly 1,600 units) potentially sold off faster than NFTs in 2021.

The Fall From Grace

This isn’t just a random financial hiccup. Veritas has been sliding downhill since 2023, when they first started defaulting on nearly $1 billion in loans. They’ve already been forced to sell 23 buildings and 762 apartments, effectively losing their “biggest landlord” crown. Now, they’re facing the possibility of losing almost everything.

What This Means for SF Renters

If you’re currently renting from Veritas, buckle up for potential chaos. The company has until December 17th to pay up or potentially lose these 66 properties. While there’s a chance they might negotiate a payment plan, the writing seems to be on the wall for this once-powerful real estate giant.

The saga continues, and San Francisco’s housing market just got a whole lot more interesting.