The number of high-value real estate transactions in San Francisco has dropped sharply since the coronavirus cast a pall over the economy and the future of office work, according to new data released Monday by Carmen Chu, the city’s assessor-recorder.
Some large property holders may have postponed sales pending the outcome of Proposition I, a measure on the November ballot that doubled transfer taxes on transactions in San Francisco valued at $10 million and up, Chu said. The passage of Prop. I could spur some large property owners to sell before it takes effect Jan. 1, she added.
Transfer taxes are a one-time tax levied when properties change hands. Although residential (including multifamily) properties accounted for about 81% of transactions in fiscal 2019-20, commercial property transactions accounted for 55% of transfer tax revenues.
Before the pandemic, from July 2019 through March 2020, residential and commercial real estate transactions were averaging