Posted on 01/24/2019 7:40:05 AM PST by rey
When people see the empty storefronts that have multiplied in San Francisco the past few years, they often blame competition from online vendors for the death of small retailers.
Supervisor Aaron Peskin sees another culprit: landlords who intentionally keep their properties vacant until they can extract higher rents from potential tenants. Now he wants to repopulate those storefronts by taxing property owners with consistently empty units.
“This is by no means meant to be a revenue generator,” Peskin said Tuesday. “It’s meant to be a behavior changer.”
Under Peskin’s proposal, owners of commercial properties in Neighborhood Commercial Districts — areas where stores and services are clustered — that are vacant for more than six months would face a fine of at least $250 per day. And while storefronts are the visible face of the long-term vacancy problem, Peskin wants to target residential properties as well. Landlords with three or more units that are vacant for six months would also pay $250 per unit per day until the unit is leased.
(Excerpt) Read more at sfchronicle.com ...
“Unintended consequence - abandoned and burned out properties.”
It’s sad, but I imagine insurance companies will pay for the increased losses due to fires.
A lawyer, a politician, and an engineer were fishing in the Caribbean.
The lawyer said, “I’m here because my house burned down, and everything I owned was destroyed by the fire. The insurance company paid for everything.”
“That’s quite a coincidence,” said the politician. “I’m here because of a house fire too, and my insurance company is paying for everything.”
“It is an amazing coincidence,” said the engineer. “I’m here because my house and all my belongings were destroyed by a flood, and my insurance company also paid for everything.”
The puzzled lawyer and the politician turned to the engineer and asked, “How do you start a flood?”
Ooops, that’s “...to use ON these folks...”
WOW!
I’m speechless! Now you’re going to get taxed for losing money. The beating will stop once morale improves.
There is going to be some very cheap commercial property in the shithole asylum by the bay.
Don’t forget the $15/hr minimum wage. SF is probably up their with Moscow in terms of the cost of living.
Here’s another thing - wonder how hard it is to get a business loan for any retail storefront in SF, regardless of the concept? What bank is that stupid?
But, hey, this is SF.
Vacancy glut. Isn’t that an oxy, moron?
That’s a good one. Another point!
Because only higher and higher and higher taxes influence behavior. Lower taxes NEVER influence behavior. Socialism 101.
:: Peskin said Tuesday. “It’s meant to be a behavior changer.” ::
The beatings will continue until morale increases!
Stalin would have been proud (and ashamed that he didn’t think of it first.)
:: Of course, these councilmen are socialists ::
They do not consider themselves “socialists”, they are “anti-capitalists”.
#CapitalismBad
#OrangeManBad
You voted these leftists who to office, you stupid liberals of SF. Enjoy!
JoMa
Great post on the way real estate works.
When .gov starts messing with the RE marketplace _stuff_ happens.
Vacant storefronts are a visible example of it.
In the USA, at least, the retail space is a crucial part of selling the project to gullible city officials, who salivate over the potential tax revenues and would never approve the dense condo projects without them.
it is hard to imagine a write off for losses being higher than the actual losses incurred.
= = =
I suspect there are ‘creative’ write offs in use.
Maybe including some sort of depreciation would do this.
On the upside, there will be more employment opportunities for arsonists.
“Because people who would pay high rent won’t pay any rent for properties where they have to hose human sh!t off their doorstep every firckin’ morning. “
You win the internet for the day. Congratulations!
When you are a socialist hammer, everything looks like a nail that needs to be taxed more...
I predict a sudden rash of “suspicious” fires.
Look on the bright side, The City will soon own all those vacant properties due to unpaid taxes.
Then they can turn into a Seattle South and provide free shelter to the street shitters and heroin users.
A beautiful place to house all those newly minted “undocumented” citizens from the south.
La Raza Plaza....
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