What are the financial impacts of the pandemic on the city of San Francisco? With thousands of people now able to work from home, some experts believe the city has lost millions in sales tax revenue.
For months the pandemic has caused some residents to rethink living in a city that has the highest cost of living in the nation. Now it’s seeing in dollars and cents just what that looks like.
According to the San Francisco Chronicle, the city’s sales tax revenue is down by 43% from the prior year, meaning the city lost more than $30 million from April to June.
Another strong indicator that people have left is falling rent prices. Rent has fallen by nearly 20% in San Francisco and 10% in Oakland and San Jose.
San Francisco isn’t just seeing a loss of residents but also an increase in crime. Homicides and burglaries are up year to year in the first 10 months. Homicides are up by nearly 41% and burglaries are up by 43%. These are numbers that people will likely take into consideration when they decide if they want to return upon the potential reopening of their workplaces.