Measure on the ballot in the 2020 California General Election in San Francisco.
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Get StartedThe ordinance would increase the property transfer tax rate on transactions valued between $10 million and less than $25 million from 2.75% to 5.5%, and the rate on transactions valued at $25 million and above from 3% to 6%. These transactions include sales and leases of 35 years or more.
A "YES" vote on Proposition I is a vote in favor of increasing the property transfer tax rate from 2.75% to 5.5% on transactions valued between $10 million and $25 million. A "YES" vote also approves an increase in the property transfer tax rate from 3% to 6% on transactions valued greater than $25 million.
A "NO" vote on Proposition I is a vote against increasing the property transfer tax rate from 2.75% to 5.5% on transactions valued between $10 million and $25 million. A "NO" vote also opposes an increase in the property transfer tax rate from 3% to 6% on transactions valued greater than $25 million.
"There is no change to this transfer tax for the average homeowner or property owner because taxes on properties sold for less than $10 million will remain the same. At a time when San Francisco faces a $1.7 billion projected deficit over the next two years, this progressive tax measure will generate much-needed emergency funds.", in support of Proposition I (Learn more)
"Proposition I has no protections for small businesses. Proposition I will increase rents on small neighborhood businesses, threaten their safety nets, and take away their financial stability. Proposition I will also cost us thousands of new housing units, including hundreds of affordable housing units, and hundreds of union construction jobs.", in opposition to Proposition I (Learn more)
"Neighborhood stores, restaurants, bars, and nail salons don't sell property valued at $10 million or more. They will NOT be impacted. Without Prop I's funding for emergency rent relief, we will see more evictions and homelessness.", in support of Proposition I (Learn more)
"The proponents fail to mention that Proposition I doesn't just apply to the sale of property -- it also applies to small business and storefront leases. Mom and pop businesses are already fighting for their survival. At a time when many are desperately trying to sell, break, or renegotiate their leases, this tax will increase their rents and threaten their safety nets when they can least afford it.", in opposition to Proposition I (Learn more)
"Of the approximately 3,000 housing units in the development pipeline, 1,100 are affordable housing units. Increasing the transfer tax rate will add millions of dollars in construction costs and will prevent already-approved housing from ever getting built. San Francisco is already one of the most difficult and expensive places to build housing in the country, and Prop I will only exacerbate our housing shortage.", in opposition to Proposition I (Learn more)
"Prop I is also an important step to prevent a wave of evictions that will increase homelessness due to renters being unable to make rent payments because of the pandemic. In August, the Board of Supervisors unanimously passed a resolution making emergency rent relief and permanently affordable housing a top priority for new revenue. This will help renters who have lost jobs and income, and will also help small landlords who depend on rental income to live.", in support of Proposition I (Learn more)
Shall the City permanently increase the transfer tax rate on sales and leases of 35 years or more of real estate, to 5.50% on those transactions of $10 million to $25 million, and to 6.00% on those transactions of $25 million or more, for an estimated average revenue of $196 million a year?
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