Time is of the essence! We respectfully request an immediate donation from our building members. Considering the potential asset value drop, should either Prop C or D pass, this investment is minimal!
Vendor firms: Please donate what you can, considering this major threat to your clients. Prop C will add a new gross receipts tax of 3.5% and Prop D will add a new gross receipts tax of 1.7%. Both measures are effectively another blank check for elected officials to spend on pet projects without regard for massive projected future budget deficits. We must defeat these measures soundly.
Please click here to contribute directly to The Committee for an Affordable San Francisco, No on C and D.
Other Threats on the Horizon
While Propositions C and D on the June ballot both unfairly target commercial landlords with the largest proposed tax increase in San Francisco history, other threats loom as well. Measures being considered by elected officials and others include parcel taxes, additional taxes on commercial rents, sales taxes, business revenue taxes, utility taxes, and more.
Questions? Contact John Bozeman at firstname.lastname@example.org.
Summary of the Two Proposed Gross Receipts Tax (GRT) Measures Targeting Commercial Real Estate
Current law requires commercial building owners to pay a blend of a payroll tax and .3% on gross receipts from leases to the City and County of San Francisco. That money goes into the City's general fund. The two new gross receipts tax measures on the June 5, 2018 ballot would impose additional taxes on commercial rent. These additional taxes would be dedicated to fund specific programs, plus unspecified general fund use. The two commercial rent taxes on the ballot are:
Shorenstein is one of the country’s oldest and most respected real estate organizations active nationally in the ownership and operation of high-quality office properties. Due to its success over many years and multiple real estate cycles, Shorenstein has established its reputation as a creative and knowledgeable investor. The company is privately owned and is headquartered in San Francisco. Currently, Shorenstein owns and manages a portfolio exceeding 23 million square feet.
Providing Real Property Services
Shorenstein provides asset management, leasing, property management and construction services to the properties in its portfolio through its wholly-owned property services affiliate, Shorenstein Realty Services.
Seamless Integration of Capabilities
The close coordination between the investment, asset management and operating professionals within Shorenstein is the key to Shorenstein’s ability to deliver exceptional services to its tenants and exceptional value to its clients and partners. With extensive internal resources and a commitment to excellence, Shorenstein has an unsurpassed ability to address operating issues and to capitalize on investment opportunities.