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Supervisor introduces measure to close transfer‑tax foreclosure exemption; board sends it to November ballot
Summary
A supervisor moved to place an ordinance on the November 3 ballot that would limit the real property transfer‑tax foreclosure exemption for large commercial transactions; the introducer cited controller estimates of $100–$150 million in annual revenue if adopted.
A motion to submit a ballot measure amending San Francisco's real property transfer tax foreclosure exemption to the November 3, 2026 ballot was introduced and approved 'same house, same call' during the July 28 meeting. The introducer framed the proposal as an update to a code provision that, officials said, has been used by sophisticated investors to avoid transfer taxes.
"The controller's office estimates that this measure would increase our real property transfer tax revenues by an average of $100,000,000 to $150,000,000 annually over the next 5 years," the supervisor stated, noting that the change would not eliminate exemptions for single‑family homes or small multifamily properties. Colleagues voiced mixed views: several backed sending the proposal to voters to close what they called a loophole, while others urged caution about potential impacts on housing construction costs.
Supporters said the amendment is intended to target larger investment and income‑producing property transactions rather than homeowners; critics on the dais asked the city to consider broader housing‑production tradeoffs should the measure pass. The motion to send the amendment to the ballot was approved without objection.
