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Supervisors advance exemption from Prop. I transfer tax for certain rent‑restricted affordable projects on first reading
Summary
The board on Oct. 26 passed on first reading an ordinance allowing the city to exempt specified transfers of rent‑restricted affordable housing from higher transfer‑tax rates enacted by Prop. I. Sponsor Supervisor Preston said the exemption aims to prevent the transfer tax from discouraging preservation or development of permanently affordable
The Board of Supervisors on Oct. 26 passed on first reading an ordinance authored by Supervisor Preston that exempts certain transfers of rent‑restricted affordable housing from the increased transfer‑tax rates approved by voters in Proposition I.
The ordinance responds to concerns that the higher transfer tax on very high‑value property could discourage preservation or development of affordable housing. Preston said the measure would exempt qualifying transfers occurring on or after…
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