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Supervisors hear push to double high‑end property transfer tax; supporters say proceeds will fund rent relief and social housing
Summary
Board heard a proposed November ballot initiative by Supervisor Dean Preston to double transfer‑tax rates on very high‑value property sales and direct half the revenue to COVID‑19 rent relief and half to permanently affordable/social housing. Dozens of callers urged the measure be put before voters; the committee filed the hearing and continued oversight steps.
A proposed ballot measure that would double San Francisco’s transfer tax on very high‑value property sales drew broad public support at the Rules Committee’s July 9 meeting.
The initiative, sponsored by Supervisor Dean Preston, would raise the transfer‑tax rate from 2.75 percent to 5.5 percent for transactions between $10 million and $25 million, and from 3 percent to 6 percent for sales above $25 million. Preston said the measure is intended to discourage speculation and generate revenue for what he called a “fair recovery…
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