The bugs have been well documented on the Steam forums where you can also find a list of user-compiled potential fixes, which include updating your system with the latest service pack for Vista or XP, installing .NET Framework 3.5 with Service Pack 1 and using a specific set of drivers for Nvidia or ATI cards to fix the missing texture problems. Rockstar has issued a brief statement on the problems, claiming they are working to help solve the issues with GTA IV PC as quickly as possible. In the meantime, Steam is reportedly even going so far as to start offering refunds for unhappy customers.
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