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Supervisors approve three property transactions amid debate over appraisals and acquisition policy
Summary
The board authorized leases and purchases of three properties for municipal use but several supervisors raised concerns about the absence of a formal appraisal policy and sought a future policy discussion.
The San Francisco Board of Supervisors on Dec. 15 approved a package of real‑estate transactions—leases and purchase agreements for properties at 450 Tollan Street, 555 Selby Street and 1975 Galvez Avenue—after staff presented additional market comparables and the board debated whether an independent appraisal policy should be required for city acquisitions.
John Updike, director of Real Estate for the city, told the board that CBRE had provided an independent analysis of comparable sales showing that the purchase price for the Galvez…
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