SF could lose up to 200M in property tax revenue

Instagram – The Real Deal

San Francisco’s chief economist says the city stands to lose between $100 and $200 million in tax revenue by 2028 as a result of record office vacancies.⁠

⁠Fueled by remote work and uncertainty in the tech industry, the city’s office vacancy rate climbed to 25% in September and could rise to a worst-case 31% by the fourth quarter of 2023, forecasts economist Ted Egan. The vacancies will eventually lead to plummeting commercial property values, resulting in less tax revenue for the city, he warned the city’s board of supervisors.⁠

Read More

Join now!