Epoch Times - Here's Why Hotels Are Fleeing San Francisco #californiainsider
Aired: 2023-11-23
Duration: 00:58

[00:00:00]  There are several large buildings in San Francisco.
[00:00:03]  Hotels, the Park 55.
[00:00:04]  You have several others.
[00:00:06]  They're in foreclosure.
[00:00:07]  The owners have given the lender back the paper.
[00:00:09]  They can't afford to pay the monthly mortgage.
[00:00:12]  Because all these people are moving out.
[00:00:14]  Retailers are moving out.
[00:00:16]  I can tell you that that's what's happening.
[00:00:18]  The real estate market has gone upside down.
[00:00:20]  Condominiums, their values have just dropped like a rock in the last three years since the pandemic.
[00:00:26]  And that property tax revenue isn't there like it was before.
[00:00:30]  The city says, hey, we need more revenues.
[00:00:32]  They're finding places to make this revenue.
[00:00:34]  You sell your $2 million house in San Francisco.
[00:00:37]  You as a seller have to pay $20,000 to the city as a transfer tax.
[00:00:42]  Or what?
[00:00:43]  You're leaving.
[00:00:44]  Why are you being told you've got to pay $20,000?
[00:00:46]  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.
[00:00:54]  You're leaving town and you're saying to yourself, what am I paying a transfer tax for?