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Committee forwards ordinance to cut transfer tax for union‑pension‑backed rental projects
Summary
Supervisors advanced an ordinance that would lower certain real‑property transfer tax rates to 3% for newly constructed rentals meeting on‑site affordability and union pension investment criteria; analysts warned the change could reduce general fund revenue by up to ~$5 million annually but supporters said it would unlock capital and jobs.
The Budget & Finance Committee on July 31 forwarded to the full Board a proposed ordinance to reduce specified real property transfer tax rates for newly constructed rental projects financed with union pension investments and built with union labor.
Sponsor Supervisor Safa‑Yi said the ordinance would temporarily lower transfer tax rates to 3 percent for eligible properties, arguing the change would attract union pension capital, create union jobs and accelerate housing production. "This ordinance will bring good union‑paying jobs and good…
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