This is John Batchelor, conversation with my colleague Bill Willem of the Hoover Institution about the Merrill race in San Francisco.

I named homelessness. That was the reason for the doom loop title that was given it by the Financial Times during this last year.

However, Bill points to street crime, crime at stores, especially theft at stores as a major factor.

Here's Bill Welland to explain what's on the ballot in San Francisco.

Much more of this tonight.

It's a combination, John.

It's homelessness, obviously, but it's also crime.

You know, that city has become kind of the poster child in America for a penny-any property crime.

And it's also, John, just the condition of the city.

San Francisco has huge problems with this business climate right now, in particular business

property.

You can get just pennies on the dollar if you want to rent commercial property in San Francisco

right now.

So it's not just a question of quality of life in terms of homelessness, John, or public safety,

but just also the city's future moving forward in terms of being this vibrant economic engine.