San Francisco Mass Exodus is Real - 40% Decline in Tax Base

[iam4liberty]

Why is Nancy Pelosi and other Californian politicians so desperate to control midwest and southern states they used to regularly call "flyover" area?  Newly released studies show their tax base has collapsed and they are desperate to use federal government to transfer the wealth of these areas to their pockets. It is the Hunger Games in real life.

https://www.foxnews.com/politics/san-francisco-tax-revenue-plunge-resident-exodus.amp
San Francisco tax revenue plunge points to resident exodus
Sales tax revenues declined by more than 40% this spring

San Francisco experienced a 43% year-over-year decline in sales tax revenues during the pandemic, which has been credited to an exodus from the expensive city.

San Francisco’s chief economist Ted Egan attributed the drop in revenue that occurred between April and June to a flight of individuals from the city, rather than a decline in activity due to the pandemic.
...
The latest report from United Van Lines shows that outbound moving requests from the city were 128% above the national average at the start of September.

Data from Zumper showed a continued yearly decline of 20.3% in median rent prices in San Francisco this month, which was among the largest yearly decline ever recorded – and marked a milestone as prices dropped below $3,000 for a one-bedroom in the pricey metro.

Egan said ApartmentList data shows that rent prices declined in San Franisco by a larger amount than any other city they track as well.

[iam4liberty]

As pointed out above, this has nothing to do with the pandemic.  That is just a cover story to hide the gross mismanagement and corruption of these states and cities.

https://www.washingtonexaminer.com/news/congress/pelosi-proposes-massive-state-bailout-in-next-spending-measure
Pelosi proposes massive state bailout in next spending measure

House Speaker Nancy Pelosi said Democrats will seek a massive federal cash infusion for struggling state and local governments that would be equivalent to the nearly $700 billion Congress has pumped into struggling businesses
...
“There will be a bill, and it will be expensive,” the California Democrat told reporters Friday in the U.S. Capitol.

[iam4liberty]

Clowns.

https://www.sfchronicle.com/business/amp/S-F-is-facing-its-worst-fiscal-crisis-in-15632261.php
S.F. is facing its worst fiscal crisis in decades. Here’s the city’s 41-point plan for recovery

But with the city in its worst fiscal crisis in decades, achieving the goals could be tough if they require new funding. The city resolved a $1.5 billion deficit — on paper, in the current budget — using money expected from Proposition F. Officials need voters to approve the business tax ballot measure next month.
...
The city also will allocate nearly $6 million for artists and cultural workers, including a universal basic income program that pays $1,000 per month to 130 artists for at least six months, starting early next year.

[iam4liberty]

https://sanfrancisco.cbslocal.com/2020/09/30/san-francisco-rents-continued-steep-pandemic-nosedive-in-september/amp/
San Francisco Rents Continued Steep Pandemic Nosedive In September

[cmxterra]

Cue Nelson HAHA

[iam4liberty]

Atlas Shrugged.

https://www.foxbusiness.com/markets/billionaire-jeffrey-grundlach-hints-fleeing-california.amp
Billionaire Jeffrey Gundlach slams California over taxes, may leave state
Gundlach's net worth is estimated at $2.2B

“Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” Gundlach tweeted on Saturday evening. “The ‘response’ from Sacramento?  Wealth and massive income tax increases on job creators (AKA 'the wealthy').”

[iam4liberty]

Warning!  There may be a massive shortage in trained underwater basket weavers in the near future.  Better stock up now on your wet wicker items.

https://news.berkeley.edu/2020/08/03/uc-berkeley-faces-a-budget-crisis-like-no-other/
UC Berkeley faces a budget crisis like no other

All told, Berkeley looks to be as much as $340 million short of its budget projections by the end of the 2021 fiscal year, as the university is facing a budget crisis unlike any before, campus leaders said Friday.
...
Still, all three leaders warned that hard times were ahead for Berkeley’s students, staff and faculty.

“People always talk about doing more with less,” Christ said. “We have to do less with less. I am really eager for ideas about how we can reduce work or eliminate activities. We cannot expect our staff to continually be taking up the slack with the reduction of our workforce.”

[David in MN]

With all due respect to taxes and fiscal issues (and they are paramount in this example) there is another side to this.

With California (and New York) suffering net population decreases magical things start happening. Yes, the tax base falls. But it also has impact on the lives of the "stayers" as housing values fall and per capita costs must increase. But then there is the far more subversive part... there could be a loss of congressional seats and a hit in the electoral college.

I'm sensitive to this because MN is undergoing this phenomenon. Who knew that bad weather and high taxes would make people leave?

[iam4liberty]

Meanwhile, they are spending $130,000 each to build closet size rooms for homeless people and another $15,000 a year to maintain them.  And they have the gall to demand those in middle America pony up the dollars for this insanity?  Who is pocketing all this money?  I dont think it is the undocumented workers who are doing the actual construction.

https://goldrushcam.com/sierrasuntimes/index.php/news/local-news/25904-california-governor-gavin-newsom-announces-release-of-147-million-in-fourth-round-of-homekey-awards
California Governor Gavin Newsom Announces Release of $147 Million in Fourth Round of Homekey Awards

$147 million in fourth round of awards provided to 12 applicants for 20 projects totaling 1,109 units

Nearly $600 million in Homekey awards issued to date for communities across the state

[iam4liberty]

But then there is the far more subversive part... there could be a loss of congressional seats and a hit in the electoral college.

Don't worry.  They have a plan for that.  Biden/Harris/Pelosi plan on making Puerto Rico, Washington DC, the Virgin Islands, and American Samoa US states.  Not only will this compensate for their lost seats in House, it will stack the US Senate and make electoral college victory automatic.  This along with stacking the Supreme Court will put us on course to matching Venezuela's glorious prosperity.

[iam4liberty]

https://www.foxnews.com/entertainment/bill-maher-california-super-high-taxes
Maher slams California's 'super-high taxes,' cites Joe Rogan, Ben Shapiro as part of state's 'exodus'
'I feel like I’m living in Italy in the 70s or something,' Maher tells Rep. Adam Schiff

During an interview with Rep. Adam Schiff, D-Calif., Maher acknowledged that local issues were not in the congressman's "domain" but said he still felt the need to "b---- a little bit."

"There is an exodus," Maher said before reading from his notecard.

"California businesses are leaving the state in droves. In just 2018 and 19, which were economic boom years, 765 commercial facilities left, 13,000 between 2009 and 2016."

He continued, "Look, I came out here in 1983. I found paradise. I love California. I do. I don't want to leave, but I feel like I’m living in Italy in the 70s or something. Super high taxes, potholes in the road, fires. I don’t know what I’m getting for my super-high taxes."