Banks and other lenders would pay Oakland’s existing property-transfer tax on most foreclosure-related transfers, except certain housing, health care, banking, and small residential transfers.
A Yes vote
A No vote
Proposal impacts
Impact on Foreclosing bankers
Foreclosure transfers would cost banks Oakland's property-transfer tax unless a listed exception applies.
Foreclosure transfers today generally carry no Oakland property-transfer tax under the city's existing rule.
Impact on Housing conversion developers
Housing conversion purchases would require tax payment upfront, followed by a refund request proving the housing use. Buyers have 36 months.
Housing conversion purchases today generally pay no transfer tax through foreclosure, regardless of the buyer's planned use.
Impact on Oakland residents
City budgets would collect about $4 million to $13 million more yearly. The measure lets Oakland spend it on any city purpose.
City budgets today collect transfer tax when property changes hands, while foreclosure transfers are generally exempt.
Impact on small property homebuyers
Small property purchases would require buyers to show at most four homes to retain the foreclosure tax break.
Small property purchases today fall under the general foreclosure tax break without a separate building size test.
