Published by The Independent Sentinel | August 3, 2023
Progressives are destroying the once-beautiful city.
Life in San Francisco is rapidly changing. The quality of life and freedom are disintegrating under the Progressives. From families with children to landlords to 1st responders, Progressives are destroying the once-beautiful city. The entire state is not what was.They are ruining paradise.
San Francisco landlords are finding their properties and incomes losing value due to constant regulations and people leaving.
If apartments are vacant for more than six months, they have to pay San Francisco up to $20,000 per year per unit. Since people can work at home or move, it’s getting hard to get renters.
The manager of one building with 25 apartments is owned by his dad and his brother. They’ve had it for 20 years. They began with a one-page lease, and now it’s 20 pages without the disclosures about fire and alarm systems. There are many tenancy advocacy groups, and over the past 10 to 15 years, they’ve made landlords into “greedy, money-making people” – the “big bad wolf.”
The applicants just aren’t there anymore.
During COVID, people were working from home, apartments went vacant, and the fines were exorbitant. There are many punitive levies on landlords.
Tax Proposition M passed in 2022 and begins in January 2024.
“What this proposition does is if you have a vacant unit for over 182 days, six months basically, they will start fining you.”
The fine is based on whether you’re commercial or residential. If it’s residential, if it’s 1000 square feet or less. The first year, you’re going to get taxed 2500 a year…second year, it goes to 5000 a year…third year, it will be $10,000 a year under interpretability, so it’s three years on. Then you have the second level, which is 1000 to 2000 square feet, and then above 2000 square feet in the third year, it could be up to $20,000 per year per unit.”
