What kind of properties will be subjected to the tax increase proposed by Prop I?
The tax increase will apply to the sale of residential and commercial properties valued over $10 million.
How much revenue will Prop I Generate?
The City Controller’s office has estimated that Prop I will generate $190 million in revenue in a year. San Francisco is facing a $1.7 billion budget deficit due to the pandemic. If we don’t raise the revenue from the city’s wealthy who can afford to pay, we will end up paying the cost ourselves.
Who will benefit from Prop I?
The measure will help those who are hurting the most during the pandemic. It will help mom and pop landlords who are struggling to pay their mortgage. It will also help tenants who have lost income during the pandemic for no fault of their own. Prop I is a tax on those whose wealth has exploded during the pandemic to help San Franciscan families facing unprecedented income and housing insecurity.
How will Prop I pay people’s back-rent and fund social housing?
Prop I only raises the transfer tax on properties valued over $10 million. The Board of Supervisors have unanimously passed two companion ordinances in August this year to set up a Rent Relief Fund and a Housing Stability Fund that they intend to fund using the revenue from Prop I. The Rent Relief fund will pay people’s back-rent while the Housing Stability Fund will create more affordable housing in San Francisco.
Will Prop I impact small businesses?
Prop I will only impact the sale of properties valued over $10 million. Mom and pop businesses like nail salons, restaurants and bars don’t sell property valued at $10 million or more. They won’t be impacted by Prop I. Small businesses won’t pay a cent !
Will Prop I impact everyday San Franciscans?
Prop I is not a tax on everyday San Franciscans. Only ultra-wealthy San Franciscans who own luxury properties valued over $10 million will be affected by the measure. Prop I will also apply to people selling skyscrapers and multi-unit apartment buildings. When there are people in our city who can’t even afford to buy groceries, the wealthy must step in to help.
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