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.
Egan told Fox News that while areas throughout California experienced a decline in sales tax revenues, other cities saw an uptick in online sales – but San Francisco did not. “In San Francisco, we saw a big drop in brick-and-mortar sales, and very little increase in online sales,” Egan said.
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