This is a really uncalled for response. The original comment pointed to the ostentatiousness of a luxury rental building, as if there is no place for it in SF.
It lost value because of a global pandemic years after it launched that has caused rents to fall, but has still managed to keep vacancy rates below 10%. Obviously it could not have planned for something completely outside of its control.
This is wrong. Housing accounts for about a third of CPI. There's some funkiness about how the Owners Equivalent of Rent is calculated but real estate prices definitely show up in inflation.
The headline of the article is that it has lost 50% of it's value. During that same multi year period we have had well over 10% inflation.
So Maybe that part. Yeah I'm gonna go with that part.
Or maybe the investors just hate money and were going for -60% ROI. Who knows.