The situation in downtown San Francisco has become dire as tech companies move towards remote work. Supervisor Aaron Peskin says the money is already tight - this year the budget is projected to be slashed by a quarter of a billion dollars.
Lowering downtown San Francisco real estate values could have "profound impacts" on the city's budget, Supervisor Aaron Peskin said.Around lunchtime on California street this Thursday, downtown San Francisco appeared to be busy and bustling. But look a little closer, and you'd see the signs all around: "Retail Space for Lease," one read.
Among those vacant offices is 350 California Street -- a 22-story tower that once sat on some of the most valuable commercial real estate in the country. But now, according to the Wall Street Journal, the building may be valued 80% less than it was four years ago.The WSJ reports that the building was worth around $300 million in 2019. And that, now up for sale, bids are expected to come in at about just $60 million.
"A lot of people are working from home at least part-time and I don't think we're ever going to put that genie back in the bottle," San Francisco Board of Supervisors President Aaron Peskin told ABC7 News. "And the reality is that rolls down into the value of office buildings." "And that one is in more trouble, and it's going to come with profound financial impacts to San Francisco government's tax base," he explained.
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