It is turning into another Detroit, mostly due to leftwing incompetence and total corruption, but also outside forces warring on it. Highly likely to collapse into a much poorer place to be.
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Three main reasons are:
https://www.sfchronicle.com/sf/article/city-economy-doom-loop-17846412.php
https://www.sfchronicle.com/food/restaurants/article/oakland-restaurant-crime-17853932.php
When you add it all up, there are powerful forces crushing this city.