I was hoping to get thirty thousand for my 1998 Honda Accord, but the best offer I got was four hundred bucks. Thanks for ruining the economy Work-From-Homers!
If this trend continues, with less office space used, while population numbers stay stable or increase, is there a possibility of commercial buildings like this being rezoned to residential?
There don’t seem to be any rules preventing residential construction in the existing C-3-O zone. In general SF permits residential construction anywhere, but the problems come from the fact that all development permits in that city are discretionary, so you never know what the real rules are until you get in front of a hearing.
If they can make that conversion this seems like it would be a steal. $225/sq ft versus over $1000/sq ft for residential in SF.
SF doesn't seem like somewhere that would vote against more housing being available, so if it doesn't even involve rezoning, I'm curious if that's a viable path for this and other office buildings.
Prop 13 needs to exclude commercial real estate and/or have a reasonably low cap. These companies are avoiding so many millions of dollars in property taxes. It's not fair and punishes the younger generations (and those yet to be born).
I will buy an SF Condo for under 300 a square foot and bring in battery lights and a portapotty. Please stop this BS that conversion is cost infeasible. Thank you.
No reason to assert your surety or not, it's in the damn article:
> According to real estate firm JLL, approximately 48% of office space have been resold or refinanced since 2015 at an average price per square foot of around $700
You interpreted my remark backwards. What I meant to say was that refinancing in the past would not have triggered assessment, so the fraction of properties refinanced doesn’t imply properties that are assessed above market value. Owners can always ask for a downward assessment, without a change of control.
