San Francisco’s once-prized real estate market faces a catastrophic twist. Owners of illustrious properties like the Westin Saint Francis Hotel and the Transamerica Pyramid have petitioned for drastic reductions in assessed values, citing the current value freefall. As the appeal requests mount, over $60 billion in total property values, the city’s tax coffers are bleeding dry. While some attribute this plunge to skyrocketing homeless numbers and record commercial vacancies, others see the rising work-from-home trend further diminishing the need for commercial real estate. And as the city watches its revenue sources wither, it’s bound to be a rocky fiscal road ahead.
#SanFranRealEstate, #TaxingTimes, #PropertyPlunge
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