San Francisco experienced a 43% year-over-year decline in sales tax revenue during the pandemic, which was attributed to an exodus from the expensive city.
San Francisco chief economist Ted Egan attributed the decline in revenue between April and June to a flight of individuals from the city, rather than a decline in activity due to the pandemic.
Egan told Fox News that while areas of California have seen a decline in tax revenue, other cities have seen an increase in online sales, but San Francisco has not.
“In San Francisco, we have seen a sharp decline in brick and mortar sales and a minimal increase in online sales,” said Egan. “So it raises the question, where did that expense go?”
SAN FRANCISCO DISTRICT IS SEEING A 100% INCREASE IN FURGLARI DURING THE PANDEMIC
Other data supports an exodus of residents from San Francisco, as remote work guidelines allow some workers more freedom in choosing where to live.
The latest United Van Lines report shows that outbound travel requests were 128% higher than the national average in early September.
Zumper data showed a continuous 20.3% annual decline in median rental prices in San Francisco this month, which was among the largest annual decline on record – and marked a milestone as prices fell below. the $ 3,000 for a bedroom in the expensive subway.
Egan said ApartmentList’s data shows that rental prices have fallen in San Francisco by a greater amount than in any other city monitored.
Zumper’s chief executive called San Francisco’s price drop “unprecedented,” adding that it supports the theory that people are starting to leave the city as options for remote tech work become more widely available. .
Some companies, like Twitter and Facebook, have given some employees the ability to work from home permanently.
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