Nov. 23, 2023 - Epoch Times
00:58
| 
| Time | Text |
|---|---|
| There are several large buildings in San Francisco. | |
| Hotels, the Park 55. | |
| You have several others. | |
| They're in foreclosure. | |
| The owners have given the lender back the paper. | |
| They can't afford to pay the monthly mortgage. | |
| Because all these people are moving out. | |
| Retailers are moving out. | |
| I can tell you that that's what's happening. | |
| The real estate market has gone upside down. | |
| Condominiums, their values have just dropped like a rock in the last three years since the pandemic. | |
| And that property tax revenue isn't there like it was before. | |
| The city says, hey, we need more revenues. | |
| They're finding places to make this revenue. | |
| You sell your $2 million house in San Francisco. | |
| You as a seller have to pay $20,000 to the city as a transfer tax. | |
| Or what? | |
| You're leaving. | |
| Why are you being told you've got to pay $20,000? | |
| And I guarantee you the Board of Supervisors will look at that cash cow and they'll jack up the percentage of what you have to pay on that sale price. | |
| You're leaving town and you're saying to yourself, what am I paying a transfer tax for? |
Export Selection