Please VOTE NO ON G - stop the up to 24% unfair transfer tax
Hi, I'm a Real Estate Agent, homeowner and native San Franciscan. I am passionate about defeating Prop G because it will hurt our beloved city, San Francisco. This Proposition cannot be ignored because it will affect you and your loved ones. I hope you understand why I'm using this forum to inform you about this poorly written and horrible proposition.
Please get out and vote November 4th. VOTE NO ON G. If this law passes, it will devastate San Francisco, from an increase in costs to sell or buy a home, increased housing costs for renters, loss of jobs and decreased income for business owners (engineers, designers, contractors, restaurants, loan agents, home cleaners, small business) and even a huge decrease in income for San Francisco as there will be fewer property sales decreasing the transfer tax that helps fund many programs in San Francisco.
What would Prop. G do?
Prop. On November 4th, San Franciscans will be asked to vote on Prop. G. The politicians behind Prop. G may have meant well, but in reality, the measure is so deeply flawed and so riddled with loopholes that it will make the housing problem worse. Prop. G is a massive new tax on housing, the costs from which can be passed on in total to new owners and new tenants. Making housing in San Francisco even more expensive is not the way to make housing in San Francisco more affordable.
Prop. G creates a new tax on homes sold in San Francisco—up to 24% of the total sales price—making it one of the highest taxes ever levied in San Francisco or any city. But not one cent of any of the proposed tax revenue is dedicated to creating more affordable housing or any housing—it CAN ALL BE DIVERTED to other uses. Not only that, there are ZERO PROTECTIONS against passing on all the costs to new owners or new tenants. The hard truth is Prop. G only makes housing more expensive.
Take a closer look at just who gets hurt if Prop. G becomes law:
Renters Lose: New renters are not protected from the increase in prices driven by Prop. G.
Seniors Lose: Their retirement nest eggs could be scrambled by this massive new tax.
Residents of Large Buildings Lose: Because of politics or merely a slip up, the proponents exempted large buildings, making large buildings a target for exactly the kind of “flipping” the authors say they want to stop.
Anyone Looking for a Home Loses: Get ready to pay a massive new tax if you are forced to sell within five years, with no exceptions for people who get sick, lose a job or are forced to move.
We need real solutions to the housing crisis—not a measure so poorly drafted it will make the problem worse. That’s why the city officials with the repution for scrutinizing complicated proposals—like Assessor-Recorder Carmen Chu and Supervisors Mark Farrell, Scott Wiener and Katy Tang—all say NO to Prop. G.G imposes a 14 – 24% tax on residential properties with 2 – 30 units, including single-family homes with in-law units, if they are sold within five years of ownership. The tax applies to the entire sales price of the property and is in addition to the existing transfer tax that is already applied to residential property.
Who would be affected by Prop. G?
This tax is levied if you sell your affected home or property within five years of purchase. Since the average home turns over every seven years, this tax could affect thousands of San Franciscans.
Additionally, because the measure applies to properties with 2 – 30 units and fails to provide specific protections for homes with secondary units, an estimated 30,000 to 50,000 single-family homes with in-law units will be affected.
Prop. G will devastate everyday homeowners who face real-life emergencies and unexpected difficulties. The tax makes no exemptions for circumstances such as job loss, job transfer, death in the family, sale to a family member or financial hardship. If a homeowner loses their job and is forced to sell their home, this measure will force them to pay up to 24% or more in housing taxes.
How much of the revenue raised from the Prop. G housing tax must go towards creating affordable housing?
Not one cent of the revenue raised from Prop. G is guaranteed to go towards affordable housing or any housing—it CAN ALL BE DIVERTED to other uses.
Why did the politicians who wrote Proposition G fail to protect seniors?
The whole answer is we don’t know why the politicians who wrote Prop. G failed to protect seniors. San Francisco’s seniors could now see their retirement nest eggs scrambled by Prop. G. Maybe it was because the measure was rushed to the ballot—we simply don’t know.
Isn’t this measure simply a reintroduction of the late Supervisor Harvey Milk’s proposal?
No, that is misleading. The measure Supervisor Milk proposed only levied a fee on profits gained by owners—not on the total sale price. Also, Milk’s measure specifically exempted the up to 50,000 single-family homes with an in-law unit and any owner over 62, understanding that many seniors rely on their homes as retirement nest eggs.
Will Prop. G make San Francisco housing more affordable?
No, making housing more expensive with a tax will not make housing more affordable. While this tax is levied on the property seller, there are zero protections against passing on the costs to new home buyers or tenants. Prop. G will only make San Francisco’s affordability problem worse.
Questions or would like to help pass out flyers or if you would be willing to post a sign in your window, please call Janice Lee at 415-832-9151 or email Janiceflee@gmail.com
Please get out and vote November 4th. VOTE NO ON G. If this law passes, it will devastate San Francisco, from an increase in costs to sell or buy a home, increased housing costs for renters, loss of jobs and decreased income for business owners (engineers, designers, contractors, restaurants, loan agents, home cleaners, small business) and even a huge decrease in income for San Francisco as there will be fewer property sales decreasing the transfer tax that helps fund many programs in San Francisco.
What would Prop. G do?
Prop. On November 4th, San Franciscans will be asked to vote on Prop. G. The politicians behind Prop. G may have meant well, but in reality, the measure is so deeply flawed and so riddled with loopholes that it will make the housing problem worse. Prop. G is a massive new tax on housing, the costs from which can be passed on in total to new owners and new tenants. Making housing in San Francisco even more expensive is not the way to make housing in San Francisco more affordable.
Prop. G creates a new tax on homes sold in San Francisco—up to 24% of the total sales price—making it one of the highest taxes ever levied in San Francisco or any city. But not one cent of any of the proposed tax revenue is dedicated to creating more affordable housing or any housing—it CAN ALL BE DIVERTED to other uses. Not only that, there are ZERO PROTECTIONS against passing on all the costs to new owners or new tenants. The hard truth is Prop. G only makes housing more expensive.
Take a closer look at just who gets hurt if Prop. G becomes law:
Renters Lose: New renters are not protected from the increase in prices driven by Prop. G.
Seniors Lose: Their retirement nest eggs could be scrambled by this massive new tax.
Residents of Large Buildings Lose: Because of politics or merely a slip up, the proponents exempted large buildings, making large buildings a target for exactly the kind of “flipping” the authors say they want to stop.
Anyone Looking for a Home Loses: Get ready to pay a massive new tax if you are forced to sell within five years, with no exceptions for people who get sick, lose a job or are forced to move.
We need real solutions to the housing crisis—not a measure so poorly drafted it will make the problem worse. That’s why the city officials with the repution for scrutinizing complicated proposals—like Assessor-Recorder Carmen Chu and Supervisors Mark Farrell, Scott Wiener and Katy Tang—all say NO to Prop. G.G imposes a 14 – 24% tax on residential properties with 2 – 30 units, including single-family homes with in-law units, if they are sold within five years of ownership. The tax applies to the entire sales price of the property and is in addition to the existing transfer tax that is already applied to residential property.
Who would be affected by Prop. G?
This tax is levied if you sell your affected home or property within five years of purchase. Since the average home turns over every seven years, this tax could affect thousands of San Franciscans.
Additionally, because the measure applies to properties with 2 – 30 units and fails to provide specific protections for homes with secondary units, an estimated 30,000 to 50,000 single-family homes with in-law units will be affected.
Prop. G will devastate everyday homeowners who face real-life emergencies and unexpected difficulties. The tax makes no exemptions for circumstances such as job loss, job transfer, death in the family, sale to a family member or financial hardship. If a homeowner loses their job and is forced to sell their home, this measure will force them to pay up to 24% or more in housing taxes.
How much of the revenue raised from the Prop. G housing tax must go towards creating affordable housing?
Not one cent of the revenue raised from Prop. G is guaranteed to go towards affordable housing or any housing—it CAN ALL BE DIVERTED to other uses.
Why did the politicians who wrote Proposition G fail to protect seniors?
The whole answer is we don’t know why the politicians who wrote Prop. G failed to protect seniors. San Francisco’s seniors could now see their retirement nest eggs scrambled by Prop. G. Maybe it was because the measure was rushed to the ballot—we simply don’t know.
Isn’t this measure simply a reintroduction of the late Supervisor Harvey Milk’s proposal?
No, that is misleading. The measure Supervisor Milk proposed only levied a fee on profits gained by owners—not on the total sale price. Also, Milk’s measure specifically exempted the up to 50,000 single-family homes with an in-law unit and any owner over 62, understanding that many seniors rely on their homes as retirement nest eggs.
Will Prop. G make San Francisco housing more affordable?
No, making housing more expensive with a tax will not make housing more affordable. While this tax is levied on the property seller, there are zero protections against passing on the costs to new home buyers or tenants. Prop. G will only make San Francisco’s affordability problem worse.
Questions or would like to help pass out flyers or if you would be willing to post a sign in your window, please call Janice Lee at 415-832-9151 or email Janiceflee@gmail.com
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