San Francisco homeowners could see thousands wiped off property values in transit funding crisis

San Francisco homeowners are facing a double-edged sword with the city’s transit system.Either they pay a property tax to fund the transit system, or they watch their home values fall due to reduced service.Muni, the transit service of the San Francisco Municipal Transportation Agency (SFMTA), is staring down a “fiscal cliff” after pandemic-era federal relief funding ran out this year in July, and the city is trying to save the transit system by taxing homeowners.However, if Muni remains in a financial crisis and has to reduce service across the city, residential property values could fall sharply, according to a new analysis.A report from the SF Controller’s Office claims that San Francisco home values could drop by 0.6% to 0.9% on average across the city, if Muni service is reduced.  The biggest news, opinion and culture shaping California right now.Please provide a valid email.

By clicking above you agree to the Terms of Use and Privacy Policy.Never miss a story “A buyer would pay that much less for a house, on average, if the parcel tax did not pass and the potential cuts went into effect.

Given current typical housing prices in the city, this effect translates into a $9,400 – $14,100 drop in the value of an average house,” the report statedNon-residential properties, including offices, retail space and hotels, could face even greater impact with the property value reducing between 1.1% and 1.2%.San Francisco has put the Prop.

H parcel tax on the November 2026 ballot to fund the city’s transit system.According to SFMTA and the Controller’s Office estimates, the proposed tax of $129 and up, depending on the size of the parcel, could generate an annual revenue of $184 million.

Under the proposal, single-family homes and condominiums would be charged a base rate of $129 per year, plus $0.42 per square foot for building area over 3,000 square feet and $1.19 per square foot over 5,000 squa...