San Francisco experienced a 43% year-over-year decline in sales tax revenue during the epidemic, which is credited with an exodus from the expensive city.
Ted Egan, chief economist at San Francisco, attributed the decline in revenue between April and June to a flight of individuals from the city rather than a decline in activity due to the epidemic.
Egan told Fox News that while sales tax revenues across California have declined, other cities have seen growth in sales online sales – but San Francisco has not.
“In San Francisco, we’ve seen a big drop in brick and mortar sales, and a very small increase in sales online sales,” Egan said. “So that begs a question, where did that cost go?”
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Other data support the migration of San Francisco residents – as remote work guidelines give some workers more freedom to choose where they live.
A recent United Way Lines report found that requests out of the city in early September were 128% higher than the national average.
Zamper’s data this month saw a steady 20.3% steady annual decline in average fares in San Francisco, the largest annual decline ever recorded – and a landmark drop in prices to 000 3,000 a bedroom in the expensive metro.
Egan said the Ap Partitionist data shows that they are significantly lower in rental prices in San Francisco than in any other city.
The CEO of Zamper called San Francisco’s price cuts “unprecedented” and added that he supports the theory that people are starting to leave the city as options for remote work become more widely available in the tech sector.
Some companies like Twitter and Facebook have given some employees the option to work from home on a permanent basis.
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