In San Francisco, properties assessed at a total of $59 billion have requested resassessment in 2022, having correctly recognized that owning downtown isn’t as valuable of a proposition as it was in 2020. Adjustment would bring the total down to $26 billion, translating to $308 million in lost property tax revenue should all their reassessments succeed. Add that to the already identified $728 million hole in the budget over the next two years.

Claimed by the article: San Francisco is slow to return to work due to a high concentration of “tech and professional services”.

Omitted from the article: after spending a decade spent increasing tax and slathering on red tape, San Francisco locks down earliest in the nation, and for the longest, keeping major restrictions in place until just a few months ago. Add decades worth of obstructionism having contributed to some of the priciest rents and real estate on the planet, in a major surprise young workers didn’t find it a compelling place to hunker down for three years of life in stasis, and businesses didn’t find it compelling to sit on three years worth of empty offices.

The good news: San Franciscans achieved their final victory in driving out The Bad People. The bad: rents are as high as ever, the budget is a smoking crater in the ground, and the 70s didn’t come back.