You nailed it China. As an ex-San Francisco resident, the Marxist-Socialist city government there has driven small and large business out of the city. City-paid sex change operations, and universal healthcare coverage is bankrupting the city that has a budget almost as large as some states. Punitive business taxation has sent Bank of America, Chevron, and Bechtel headquarters to other cities.
I still own real estate there, but am bailing out as soon as the market comes back a bit. My property taxes are $4500/year on a 900 sq ft condo.
I'm curious. What is your tax appraisal value for the SF condo? I'm in the so-called conservative Texas and I pay $2100 on a $66,000 tax appraisal. I too am selling out but I haven't been able to find a buyer even when there was good economic times.