Thousands of working people in San Francisco are struggling with unemployment and are struggling to pay rent during the COVID-19 crisis. Meanwhile billionaires like Jeff Bezos, whose net worth has increased $24 billion during the pandemic, are doing great. It’s time we ask the wealthy to pay their fair share to help our city recover.
San Franciscans for a Fair Recovery are supporting Prop I, a ballot measure on the November 2020 election to increase the taxes on the sale of only the highest-value properties -- like large apartment complexes and office space. It won't impact the average homeowner or small landlord.
The Fair Recovery Plan under Prop I will double the Transfer Tax on properties valued over $10 million, with exemptions for sale to Qualified Nonprofits or the City. So when these super-wealthy companies or individuals sell to the city or to a nonprofit who can use the property for city-owned housing, they can skip the tax.
Proposition I is estimated to raise $100 - $150million annually. That badly-needed money will fund two key things to help San Franciscans recover from the COVID-19 Crisis:
1. Fund rent debt relief for renters and small landlords impacted by the pandemic
The Emergency Rent Resolution and Relief Fund ($50-$75m) will be made available to landlords who waive rent for their tenants that was due during the COVID-19 pandemic. Any funds that not granted to landlords shall revert to the RADCO program to pay back rent.
2. Build affordable and social housing to keep working San Franciscans in the city they love.
Housing Stability Fund ($50-$75m): To finance the creation of permanently affordable, social housing. This would include land banking, community land trusts, or other social housing efforts where the City maintains an interest in the property or land, while providing affordable housing opportunities onsite.