SF supervisor wants voters to authorize transfer taxes on big foreclosures

Supervisor Bilal Mahmood has introduced a proposed November ballot measure that he said would raise a cumulative $200 million over three years by eliminating a tax exemption on foreclosures of larger commercial properties.

As San Francisco faces a projected $642.8 million two-year budget deficit, the Foreclosure Tax measure would eliminate an exemption that was established in 1984 that has cost The City “billions of dollars of potential revenue that could have been used for city services,” Mahmood said.

“When large financial institutions transact off of a foreclosure, they should pay a tax like every other property seller,” Mahmood said. “This measure ensures that financial institutions like investment funds and private-equity firms contribute back to this community when they foreclose on our housing stock."

Mahmood’s proposal, which had the support of Mayor Daniel Lurie, was co-sponsored by Supervisors Chyanne Chen, Matt Dorsey, Myrna Melgar, Shamann Walton and Alan Wong, providing the votes needed for it to qualify for the ballot. If passed by voters, it would take effect in March 2027.


https://www.sfexaminer.com/news/politics/sf-supervisor-wants-voters-to-authorize-transfer-taxes-on-big-foreclosures/article_99ddb802-7c11-4384-95f5-fe67e71fc83a.html