San Francisco Still Lowest Employee Return-to-Office Rate in the Country

Austin is leading the pack, with 53% of its workers back in the office. Los Angeles checks in at 40% and New York at 36%, but San Francisco is still at the bottom with only 31% of workers coming back to the office. This is having a negative impact on the City of San Francisco’s budget as the business tax is based on work that is actually physically done in the city. They anticipate a 64 million drop in tax revenues. On the other hand, does this mean that companies whose workforce is remote is saving $64 million?  There is also a slowdown in the real estate transfer tax revenue that   the city gets when an office building sells, and sales are way down in part due to the uncertainty of the office market. The Federal and local governments may mandate an employee return to the office, as well as major employers like Bank of America. The next few months will be interesting!