SF real estate transfer tax for 2024 is $177 million, 5% less than 2023. Astonishingly, the city had projected revenue of $222 million. That means there is another $45 million revenue gap.
SF is now expecting an $876 million deficit in 2025, which may exceed $1 billion if requested federal disaster funds aren't fulfilled. And expenses are expected to increase by $1.7 billion for a budget that is currently $16 billion.
SF is now expecting an $876 million deficit in 2025, which may exceed $1 billion if requested federal disaster funds aren't fulfilled. And expenses are expected to increase by $1.7 billion for a budget that is currently $16 billion.
Oakland is broke too.
https://finance.yahoo.com/news/san-francisco-expects-876-mil...
https://www.bizjournals.com/sanfrancisco/news/2024/12/09/tra...
https://www.sfchronicle.com/sf/article/daniel-lurie-stares-d...
https://sfethics.org/commission/budget