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Phil Ting is Smiling

The recent frenzy of commercial real estate transactions in downtown San Francisco pumped $135 million into the general fund in the last fiscal year, exceeding budget forecasts by $64 million, according to Assessor-Recorder Phil Ting. Last year, voters approved an increase in the transfer on properties selling for more than $10M from 1.5% to 2.5%. Actually, the increase resulted in a $14M windfall- the rest of the money was generated by the rebounding commercial properties market. Keep shopping, investors, keep shopping. [SF Business Journal]