May 8, 2008
JustQuotes: Fewer Transfers Yields Fewer Dollars And Offsets Savings
“On Tuesday, the City Controller’s Office released a report that put [San Francisco's projected budget] shortfall for next fiscal year at approximately $305 million, $33 million less than what was projected a few weeks ago.
The savings came from the departmental cost-cutting, as well as well-performing hotel, sales, property and business taxes, according to the Controller’s Office.
The “good news” however, is tempered by less-than-expected property transfer tax revenue. The City budgeted to receive $123.5 million from the sales of real estate in San Francisco [down from $144 million the year before], but have now adjusted that figure and expect to bring in $91.6 million.”
∙ Sales of soaring skyscrapers sag [Examiner]
First Published: May 8, 2008 6:50 AM
Comments from "Plugged In" Readers
Well hopefully those tourists stay strong so SF doesn't end up like Vallejo and file for bankruptcy.
Posted by: Peter at May 8, 2008 8:10 AM
No worries. Fluj is on the case. SF RE will soon reach new all time highs.......
Posted by: anon at May 8, 2008 9:30 AM
Maybe the leftists should remember that business revenues, and resulting taxes, helped reduce this deficit. Perhaps it might encourage them to be more friendly to business.
Oh wait, sorry, I was dreaming.
Posted by: Dede at May 8, 2008 9:41 AM
What's with the hating? Fluj is a sales person who seems more attuned to the specifics of the market at the moment than larger trends. This is somehow noteworthy? Leftists not being sufficiently compassionate toward the business community? That is strange since the business community is always full on loving all leftie issues, right? Maybe if lefties and corporate types would both shut up once and a while then the rest of us could get something done? Nevermind, go back to your world of real estate agent terror and strong jawed capitalist heros bedraggled by useless compassionates.
Posted by: Mole Man at May 8, 2008 9:49 AM
"Nevermind, go back to your world of real estate agent terror and strong jawed capitalist heros bedraggled by useless compassionates"
Brilliant. Keep'm coming. Almost as entertaining as the other great clown on this site aka Fluj.
Posted by: anon at May 8, 2008 9:57 AM
That's still a lot of transfer taxes. All of this for taking a pencil and changing the name on a title? How many people does it take to do that?
Put your best "how many city hall workers does it take to screw a light bulb" there:
Posted by: San FronziScheme at May 8, 2008 10:08 AM
OK San FronziScheme - how about there are no city hall workers available to screw a light bulb since they are all too busy screwing every tax-paying productive citizen in the city.
Check out the salary database at the Chronicle. Balancing the budget should be easy - just start at the top and start whacking salaries.
Posted by: FSBO at May 8, 2008 12:00 PM
FSBO - many of those workers are making those salaries because they are working huge amounts of overtime because positions were already cut as "cost saving" measures.
Of course, if we repealed prop 13 this wouldn't be an issue.
Posted by: badlydrawnbear at May 8, 2008 4:31 PM
Raising taxes is not the answer - enough is enough. Prop 13 has created disparities that are ridiculous and I agree that it is unfair to many. But it has served as a brake on local gov't spending (albeit not effective enough). Anything that throttles gov't spending can't be all bad. If more tax dollars are available (from whatever source), then gov't spending will grow. They will find new ways to spend it faster than we can earn it - and deficits will exist regardless. Public sector spending is completely out of control in this state - not just in Vallejo. The base salaries are way too high. I'm OK with time and 1/2 for overtime - provided that budget discipline exists. That park ranger who earned $300K by working 18 hours per day every day of the year - yeah he earned his money, but what would have happened if he had taken a few days off?
Posted by: FSBO at May 8, 2008 9:00 PM
I may be missing something, but isn't the purpose of the Real Estate Transfer Tax is to fund maintenance on city infrastructure? Has it been correctly applied? Well, take spin down Division Street and you'll get your answer.
Posted by: Mystery Realtor at May 10, 2008 10:14 AM