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Podcast: News For Reasonable People
Episode: San Francisco's DOOM LOOP: $600 MILLION Tax Revenue WIPED OUT as Property Values Crash
Description: San Francisco's property tax appeals just EXPLODED to the highest level since the Great Recession, with owners demanding $52.3 BILLION in valuation cuts. Is anyone surprised when buildings are selling for 90% discounts? From the Warriors seeking $1 billion off Chase Center's assessment to Salesforce Tower asking for $564 million in reductions, the city's facing a $600 million potential tax revenue wipeout while already drowning in an $800 million deficit. Officials claim a potential 'turnaround' while commercial vacancy rates hover at a staggering 34% and taxpayers foot the bill for their delusions. Is this the bottom of the doom loop, or just another chapter in the...