The owners of the Transamerica Pyramid are separately sending a very clear message to The City: This building isn’t worth nearly as much as you think it is.
High atop San Francisco’s beleaguered downtown this month, the owners and redevelopers of the Transamerica Pyramid celebrated the skyscraper’s 50th anniversary and impending rebirth as a beacon of hope for a struggling city.
Owners of office buildings stuffed with tenants during The City’s tech boom are now making the case that the COVID-19 pandemic accelerated a radical shift in the downtown real estate market — one that has caused their property values to plummet. To report this story, The Examiner obtained details on every regular property tax assessment appeal filed in San Francisco for the 2022-2023 tax year through a public records request. The data, which is up to date as of Dec. 12, includes appeals of both residential and commercial property tax assessments.
Mayor London Breed issued budget planning instructions to department heads last week that revealed a $728 million budget deficit that San Francisco’s general fund faces over the next two years. The Assessment Appeals Board weighs the evidence and determines whether or not to adjust the property’s value.In the 2017-2018 tax year, there were 1,636 assessment appeals filed. By 2021-2022, there were 2,592, an increase of 58%. This year, 2,650 appeals were filed, according to the data obtained by The Examiner.
San Francisco was especially vulnerable. A study published by the University of Toronto’s School of Cities earlier this year found that cities with high concentrations of “tech and professional services” jobs that allowed for easier remote work have struggled to recover post-pandemic. But more recently, direct lease vacancies have surged, signaling a prolonged struggle for downtown building owners with no recent historical precedent.
The hospitality industry is also looking to recalibrate. Parc 55, a Hilton hotel in Union Square, is asking The City to cut its assessment nearly in half from $561 million to $286 million. The office sector represents about 18% of The City’s property tax revenue, so every empty office threatens The City’s budget.
Great Highway to stay car-free on weekends through 2025 The San Francisco Board of Supervisors voted on a proposal by Supervisor Gordon Mar that would, for a three-year pilot program, maintain the car-free weekends on The Great Highway.
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