Compare positions on Proposition I: Dedicate Half Of Revenue From The Real Estate Transfer Tax To Housing Programs Initiative in San Francisco | Change.vote
Proposition I: Dedicate Half Of Revenue From The Real Estate Transfer Tax To Housing Programs Initiative
Proposition I: Dedicate Half Of Revenue From The Real Estate Transfer Tax To Housing Programs Initiative
Property-transfer tax revenue from real estate sales over $10 million currently goes to a city fund for any purpose, and this measure dedicates half to housing programs.
A Yes vote
A No vote
Proposal impacts
Impact on New apartment sellers
New apartment sellers would pay less transfer tax on qualifying first sales. Buildings must contain at least four homes and sell within five years.
New apartment sellers currently pay the regular transfer tax on covered sales. The rate is 5.
Impact on At-risk renters
Tenants facing housing loss could get up to six months of rent through newly funded programs.
Tenants facing housing loss can currently seek city help with rent owed and moving costs. Assistance depends on household income.
Impact on Affordable housing developers
Affordable housing builders could seek construction funding from at least 60% of the dedicated housing fund.
Affordable housing builders can currently seek construction funds from a $220 million housing bond budget.
Impact on city residents
City and county budgets would collect about $1 million less a year. Local governments would decide on service changes.
City and county budgets currently receive this transfer tax revenue for any government purpose.
