San Francisco's vacancy tax targets landlords with empty commercial spaces, encouraging them to lease to small businesses instead of incurring fines. Since its implementation in 2020, the tax has notably reduced vacancy rates in areas like North Beach and Haight-Ashbury, from 10% to less than 5%. Business owners report a significant resurgence in activity, with long-term vacancies finally leased. The tax structure incentivizes landlords by imposing fees for prolonged vacancy, prompting many to reconsider rental prices and attract new tenants.
The entire idea of the tax wasn't to tax people, it was to encourage them to get realistic about their expectations of rent for small businesses.
It's half of that now. Same is true for neighborhood commercial districts all over the city.
Almost all of our vacancies are getting filled in at this point.
At our peak, we were at 32 out of 150 were closed. Now, we're below 14.
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