Real Estate Transfer Tax

Shall the City permanently increase the transfer tax rate on sales and leases of 35 years or more of real estate, to 5.50% on those transactions of $10 million to $25 million, and to 6.00% on those transactions of $25 million or more, for an estimated average revenue of $196 million a year?

Digest by the Ballot Simplification Committee

The Way It Is Now: The City collects a transfer tax on certain sales as well as leases of 35 years or more of residential and commercial real estate in San Francisco. The tax rate usually depends on the real estate’s sale price. The current transfer tax rates are:

Sale Price of Real Estate	Current Tax Rate
More than $100 and less than or equal to $250,000	0.50%
More than $250,000 and less than $1,000,000	0.68%
At least $1,000,000 and less than $5,000,000	0.75%
At least $5,000,000 and less than $10,000,000	2.25%
At least $10,000,000 and less than $25,000,000	2.75%
At least $25,000,000	3.00%

If property is sold to the City, the transfer tax does not apply. If property is sold to qualified affordable housing nonprofits, the transfer tax rate is no greater than 0.75%.

State law limits the amount of revenue, including tax revenue, the City can spend each year. State law authorizes San Francisco voters to approve increases to this limit for a maximum of four years.

The money collected from this tax goes into the City’s General Fund.

The Proposal: Proposition I would increase the transfer tax rate on certain sales as well as leases of 35 years or more of real estate with a price of at least $10 million. For property with a sale price of less than $10 million, the current tax rate would not change. The proposed tax rates are:

Sale Price of Real Estate	Proposed Tax Rate
More than $100 and less than or equal to $250,000	0.50% (no change)
More than $250,000 and less than $1,000,000	0.68% (no change)
At least $1,000,000 and less than $5,000,000	0.75% (no change)
At least $5,000,000 and less than $10,000,000	2.25% (no change)
At least $10,000,000 and less than $25,000,000	5.50%
At least $25,000,000	6.00%

The transfer tax rate increase would not apply if property is sold to the City or to qualified affordable housing nonprofits.

Proposition I would also increase the state’s limit on the City’s annual tax revenue spending by the amount of additional taxes collected under the proposed rate increases. The increased limit would last for four years.

A "YES" Vote Means: If you vote "yes," you want to increase the transfer tax rate on sales as well as leases of 35 years or more of real estate with a price of at least $10 million.

A "NO" Vote Means: If you vote "no," you do not want to make these changes.

Controller's Statement on "I"

City Controller Ben Rosenfield has issued the following statement on the fiscal impact of Proposition I:

The proposed ordinance would increase the real property transfer tax assessed on transfers in excess of $10 million and would, in my opinion, generate significant but volatile additional revenues for government services.

The ordinance would increase the property transfer tax rate on transactions valued between $10 million and less than $25 million from 2.75% to 5.5%, and the rate on transactions valued at $25 million and above from 3% to 6%. Applying these tax rates and current estimated property values to transactions that occurred during the most recent economic cycle (from 2008 to 2020), annual revenue resulting from this proposition would have ranged from a low of $13 million to a high of $346 million, with an average of $196 million. However, doubling the tax rate on these transactions would likely lead to a variety of tax avoidance behaviors that are difficult to project in both form and timing. Changes in sales prices, volume, and transaction form, as well as effects on new construction, could affect both transfer tax and property tax revenues.

While we estimate that the proposed ordinance may result in average additional revenue of $196 million per year, it is important to note this is the City’s most volatile revenue source and estimates based on prior years’ activity may not be predictive of future revenues. The proposed tax measure would further increase the volatility of this source.

How "I" Got on the Ballot

On June 12, 2020, the Department of Elections received a proposed ordinance signed by the following Supervisors: Mar, Preston, Haney, Ronen, Walton.

The Municipal Elections Code allows four or more Supervisors to place an ordinance on the ballot in this manner.

This measure requires 50%+1 affirmative votes to pass.

The above statement is an impartial analysis of this measure. Some of the words used in the ballot digest are explained in Words you need to know >.

Proponent’s Argument in Favor of Proposition I

Prop I is a simple proposition. It asks those who are selling properties valued at $10 million or more—primarily large corporations or real estate trusts—to pay a higher tax when they sell their property. The revenue will help those who have suffered most during the pandemic.

There is no change to this transfer tax for the average homeowner or property owner because taxes on properties sold for less than $10 million will remain the same.

At a time when San Francisco faces a $1.7 billion projected deficit over the next two years, this progressive tax measure will generate much-needed emergency funds.

Prop I is also an important step to prevent a wave of evictions that will increase homelessness due to renters being unable to make rent payments because of the pandemic. In August, the Board of Supervisors unanimously passed a resolution making emergency rent relief and permanently affordable housing a top priority for new revenue. This will help renters who have lost jobs and income, and will also help small landlords who depend on rental income to live.

Billionaires like Jeff Bezos, whose net worth increased over $73 billion during the pandemic, are doing great. But working San Franciscans are struggling with disease and unemployment. It's time to ask those selling buildings worth more than $10 million to pay a little more to help those in need.

Please join us and Vote Yes on I.

Supervisor Dean Preston

San Francisco Democratic Party

Affordable Housing Alliance

San Francisco Tenants Union

Council of Community Housing Organizations

Eviction Defense Collaborative

American Federation of Teachers [AFT] 2121

Service Employees International Union [SEIU] 1021

Alice B. Toklas LGBT Democratic Club

Harvey Milk LGBTQ Democratic Club

Assemblymember Phil Ting

Supervisor Rafael Mandelman

Supervisor Hillary Ronen

Supervisor Shamann Walton

Supervisor Matt Haney

Supervisor Gordon Mar

www.fairrecoverysf.com

Arguments are the opinions of the authors and have not been checked for accuracy by any official agency. Arguments are published as submitted. Spelling and grammatical errors have not been corrected.

Rebuttal to Proponent’s Argument in Favor of Proposition I

Don't be misled by political rhetoric - the proponents would like you to believe that Proposition I is a tax on mansions. It's not. It's a tax on neighborhood small businesses and new housing.

The proponents fail to mention that Proposition I doesn't just apply to the sale of property - it also applies to small business and storefront leases. Mom and pop businesses are already fighting for their survival. At a time when many are desperately trying to sell, break, or renegotiate their leases, this tax will increase their rents and threaten their safety nets when they can least afford it..

Additionally, the transfer tax won't just be paid by those trying to sell buildings; it will be paid by those who are trying to build desperately-needed affordable housing units. This tax will stop housing creation, make homes more expensive again, and make housing even more difficult to find.

San Francisco is experiencing its deepest economic recession in a generation. Over 175,000 people are unemployed, and over 50% of all storefronts are closed indefinitely.

To make things even worse, the City Controller has said that this is one of the most volatile taxes in San Francisco, and there are no parameters in Proposition I on how the money will be spent.

The rhetoric for this measure doesn't match the reality. Don't put mom and pops out of business. Vote No on Proposition I.

Gwen Kaplan, Small Business Owner

Rodney Fong, Small Business Owner

Arguments are the opinions of the authors and have not been checked for accuracy by any official agency. Arguments are published as submitted. Spelling and grammatical errors have not been corrected.

Opponent's Argument Against Proposition I

Vote NO on Proposition I to protect small neighborhood businesses and affordable housing.

COVID-19 has thrown San Francisco into our deepest economic downturn in over 20 years: over 175,000 unemployment claims and 50% of all storefront businesses closed indefinitely.

This immediate tax increase will devastate small businesses by taxing neighborhood stores, restaurants, bars, and nail salons. It will deepen our recession and push more small businesses into bankruptcy because:

• Proposition I has no protections for small businesses.

• Proposition I will increase rents on small neighborhood businesses, threaten their safety nets, and take away their financial stability.

The heart and soul of our City - mom and pop businesses - are already facing an impossible situation. They're making incredibly difficult choices about what to do with their spaces, and Proposition I will only give them a heavier burden.

Proposition I will also cost us thousands of new housing units, including hundreds of affordable housing units, and hundreds of union construction jobs. These are desperately-needed homes, and Proposition I will make housing more expensive in San Francisco.

Even worse, Proposition I has no controls on how the money can be spent. City Hall doesn't need more money; it needs to do better with the money it already has. The City's budget has doubled in the last 10 years - while homelessness has skyrocketed and essential services have been cut.

Proposition I hurts the many neighborhood stores, restaurants, bars, and nail salons who are struggling just to stay afloat during the COVID-19 crisis. Stop this effort to raise taxes on struggling small businesses at the most devastating economic time in history.

Vote NO on Proposition I.

Gwen Kaplan, Small Business Owner

Rodney Fong, Small Business Owner*

Larry Mazzola Jr., UA Local 38 Plumbers & Pipefitters Union

Mary Jung, Past Chair of the SF Democratic Party*

*For identification purposes only; author is signing as an individual and not on behalf of an organization.

Arguments are the opinions of the authors and have not been checked for accuracy by any official agency. Arguments are published as submitted. Spelling and grammatical errors have not been corrected.

Rebuttal to Opponent’s Argument Against Proposition I

Prop I only impacts the sales of properties worth $10 million or more. Only sellers of skyscrapers and mega-mansions will pay. Homeowners and small businesses will not pay a cent.

Don't let big business fool you: As small business owners, we want you to know the facts:

• Misleading you about who they represent. Opponents do NOT represent small business. One is Executive Director of the Chamber of Commerce, representing massive corporations. Another is a lobbyist for the real estate industry.

• Lying about the impact on small business. Neighborhood stores, restaurants, bars and nail salons don't sell property valued at $10 million or more. They will NOT be impacted.

• Would increase evictions and homelessness. Without Prop l's funding for emergency rent relief, we will see more evictions and homelessness.

• Want you to pay, not them. San Francisco's budget deficit is $1.7 billlion. If we don't raise revenue from those who can AFFORD to pay, then we will pay the cost ourselves.

Prop I saves small businesses—it keeps our workers in their jobs by keeping them in their homes.

Billionaires and big corporations have seen windfall profits from the pandemic. The rest of us have paid the price. It's time for the wealthiest to help those who are struggling.

Please vote YES on I.

San Francisco small businesses:

City Lights Books

Bi-Rite

Sam's Grill

The Booksmith

Casa Sanchez

The Animal Company

No Shop

Glama-rama! Hair Salon

Bird and Beckett Books

San Francisco Democratic Party

Sierra Club

Senior and Disability Action

Affordable Housing Alliance

San Francisco Tenants Union

Council of Community Housing Organizations

Arguments are the opinions of the authors and have not been checked for accuracy by any official agency. Arguments are published as submitted. Spelling and grammatical errors have not been corrected.

Paid Arguments in Favor of Proposition I

Paid Argument IN FAVOR of Proposition I

Vote NO on Trump and Yes on Proposition I.

Donald Trump has mismanaged the pandemic, killing tens of thousands. His economic policies have benefited big corporations and billionaires. It’s time to fight back by voting NO on Trump and YES on I. Prop I asks the largest corporations and real estate trusts to pay a higher tax when they sell properties valued at $10 million or more. These funds can be used to help renters who cannot pay their rent due to Coronavirus, and can be dedicated to building permanently affordable housing to bring homeless people off the street and into safe shelter. Join our unified San Francisco Democratic Party and vote YES in I.

San Francisco Democratic Party

San Francisco Democratic Party Chair David Campos

San Francisco Democratic Party Vice Chair Honey Mahogany

San Francisco Democratic Party Vice Chair Leah Lacroix

San Francisco Democratic Party Vice Chair Li Miao Lovett

San Francisco Democratic Party Vice Chair Keith Baraka

San Francisco Democratic Party Vice Chair Peter Galotta

San Francisco Democratic Party Corresponding Secretary Anabel Ibanez

DCCC Member John Avalos

DCCC Member Gloria Berry

DCCC Member Bevan Dufty

DCCC Member Matt Haney

DCCC Member Carolina Morales

DCCC Member Jane Kim

DCCC Member Rafael Mandelman

DCCC Member Hillary Ronen

DCCC Member Shannell Williams

DCCC Member Gordon Mar

DCCC Member Faauuga Moliga

DCCC Member Manohar Raju

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Billionaires are raking it in while small businesses suffer. Vote YES on I.

More than 166,000 people work at San Francisco businesses that have fully or partially closed under the city’s shelter-in-place order, and the hours they’ve lost have resulted in an estimated $879 million-a-month plunge in wages, according to a new survey by the city controller’s office.

Sam Mogannam, Founder of Bi-Rite*

City Lights Books

Peter Quartaroli, Owner of Sam’s Grill*

Christin Evans, Owner of The Booksmith*

Martha Sanchez, Owner of Casa Sanchez *

Kathryn McKee, Owner of Glama-Rama! Hair Salon*

Rick French, Owner of The Animal Company*

Leah Martin, Owner of No Shop

Heidi Alletzhauser, Owner of Heidi Alletzhauser Photography*

*For identification purposes only; author is signing as an individual and not on behalf of an organization.

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Teachers, students and families are suffering. We ask you to vote Yes on I.

The pandemic and economic crash have devastated San Francisco’s public schools which educate over 53,000 students. Families are struggling to find ways to pay for rent and groceries. Many are unemployed. At the same time, their children must learn at home, while many don’t have access to computers and the internet. Prop I will help struggling families without costing everyday homeowners and small property owners a dime. Help our kids and schools by voting YES on I.

American Federation of Teachers [AFT] Local 2121

Ken Tray, Former Board Member of United Educators of San Francisco

Jeremiah Turner, Teacher

Ellen Kerr, Teacher

Gregory McGarry, Teacher

Heather Woodward, Teacher

Maxwell Raynard, Teacher

Angela Sibelman, Teacher

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Prop I brings affordable housing to our teachers and school families

The City Controller estimates that Prop I will bring $196 million per year that can be spent on emergency rent relief and permanently affordable housing -- at no cost to homeowners, renters or small property owners. We need this affordable housing for teachers, staff, students, and low-income families in public schools. Please join us and vote YES on I.

Community College Board President Shannell Williams

Community College Board Vice-President Tom Temprano

Community College Board Member John Rizzo

School Board President Mark Sanchez

School Board Vice-President Gabriella Lopez

School Board Member Faauuga Moliga

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

70% of COVID-19 deaths in San Francisco are people of color.

San Francisco’s Black community has been hard hit by the pandemic and recession. Though only 4% of the population in SF, African Americans make up 37% of our homeless population, and have been infected by COVID-19 at a rate 4 times greater than their population. We need to take action and Prop I can help. It raises revenue from the wealthiest property owners in the city -- those who are selling property values at $10 million or more. We can use this revenue to build permanently affordable housing and help tenants impacted by Coronavirus to pay their back rent. Please take the time to vote this November and vote YES on I.

Supervisor Shamann Walton

Former Supervisor Sophie Maxwell

SF Democratic Party Vice Chair Honey Mahogany

SF Democratic Party Vice Chair Keith Baraka

SF Democratic Party Member Shanell Williams

SF Democratic Party Member Gloria Berry

Harvey Milk LGBT Democratic Club Co-President Kaylah Williams

Harvey Milk LGBT Democratic Club Co-President Kevin Bard

Jamal Trulove, Actor of The Last Black Man in San Francisco

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Latinos are nearly half of all COVID-19 cases in San Francisco

San Francisco’s Latino community is taking the brunt of the coronavirus. As essential workers, we cannot work from home. Overcrowded living conditions and existing inequities make the problem worse. It is outrageous that our city’s billionaires have profited billions and billions of dollars more while hardworking families struggle with unemployment and disease. We strongly support Prop I because it raises revenue from the largest property owners in the city to help struggling tenants pay their back rent. This is a positive step forward, one of many that we need to take. Vote YES on I.

San Francisco Democratic Party Chair David Campos

Former Supervisor John Avalos

School Board President Mark Sanchez

School Board Vice President Gabriela Lopez

San Francisco Democratic Party Member Anabel Ibanez

San Francisco Democratic Party Member Carolina Morales

Latinx Young Democrats of San Francisco

Jon Jacobo, Chair of the Latino Task Force Health Committee

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Thousands of Asian Pacific Islander service workers in San Francisco have lost income due to COVID-19.

Out of work Asian Pacific Islander service workers face unprecedented housing insecurity in San Francisco, while extremists in the White House use racist attacks to put our communities at risk. San Francisco needs to take action and Proposition I is an important part of the answer. Prop I raises the tax on property sales ONLY on properties worth $10 million or more. Homeowners and small property owners will not pay a penny more, and nonprofits are also exempted. The revenue from this will help both renters and small landlords. It will also go towards building affordable housing in communities across San Francisco. We are united in our support for this measure. Please join us and vote YES on I.

Assemblymember Phil Ting

Supervisor Gordon Mar

San Francisco Public Defender Manohar Raju

School Board Member Faauuga Moliga

Former Supervisor Jane Kim

SF Tenants Union Executive Director Deepa Verma

SF Democratic Party Vice Chair Li Miao Lovett

District 1 Supervisor Candidate Connie Chan

Chinatown Community Development Center

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

46% of homeless youth identify as LGBTQ

When the pandemic began, San Francisco was forced to close its homeless shelters, and many had no place to go to find shelter from rain and disease. Many of the homeless youth who were impacted identify as LGBTQ. Many others in our community suffered from unemployment, and with no income were unable to pay all or some of their rent. We support Prop I because it provides the funding for emergency rent relief which will keep low-income and unemployed renters in their homes. Vote YEs on I.

Alice B. Toklas LGBT Democratic Club

Harvey Milk LGBTQ Democratic Club

The Q Foundation

Former State Senator Mark Leno

Former Assemblymember Tom Ammiano

Supervisor Rafael Mandelmann

Former Supervisor Bevan Dufty

Community College Board Vice-President Tom Temprano

San Francisco Democratic Party Chair David Campos

San Francisco Democratic Party Vice Chair Honey Mahogany

San Francisco Democratic Party Vice Chair Peter Gallotta

Harvey Milk LGBTQ Democratic Club Co-President Kevin Bard

Harvey Milk LGBTQ Democratic Club Co-President Kaylah Williams

State Senate Candidate Jackie Fielder

Executive Director of AIDS Legal Referral Panel Bill Hirsh

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

The Council of Community Housing Organizations urges YES on Proposition I

In the aftermath of COVID-19, renters face imminent eviction, and global speculators wait to swoop in on the real estate shakeout. The time for Housing Stability is now — Prop I will bring in over $100 million annually to support emergency rental assistance and housing preservation.

San Francisco Council of Community Housing Organizations

The true source(s) of funds for the printing fee of this argument: SF Council of Community Housing Organizations.

Paid Argument IN FAVOR of Proposition I

Non profit housing organizations urge you to vote Yes on I.

Our organizations are at the front line of building and managing affordable housing in San Francisco. Combined, we are responsible for tens of thousands of units -- but we need many more. Every year, San Francisco exceeds its goals of creating market-rate, luxury housing, but falls short for homes that working people can afford. Prop I will bring another stream of revenue for affordable housing, paid for only by the city’s wealthiest property owners selling properties valued at $10 million or more. This is a fair proposition that will really make a difference. Please join us and vote YES on I.

Chinatown Community Development Center

Tenants and Owners Development Corporation [TODCO]

South of Market Community Action Network

Bill Sorro Housing Program [BiSHOP]

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Prevent the coming wave of evictions by voting Yes on I.

Across the country, it is expected that millions of renters will be at risk of eviction as eviction bans phase out but unemployment remains. San Francisco is not immune. An estimated 25,000 tenants in San Francisco have not been able to pay their full rent. Tenants who cannot work and pay rent due to coronavirus will face a mountain of debt. Those who are forced to leave rent-controlled apartments may also face significantly higher debt. Prop I is a fair solution. It will relieve tenants of their debt, and keep them secure in their homes. Please join San Francisco’s tenant advocacy organizations and vote YES on I.

Affordable Housing Alliance

Housing Rights Committee of San Francisco

San Francisco Tenants Union

Anti-Displacement Coalition

Eviction Defence Collaborative

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Homelessness could rise in San Francisco if we don’t vote YES on I.

We work with homeless people everyday, and we see firsthand the terrible impact of the pandemic. Deaths in the homeless population in San Francisco have tripled since March. Shelters have been closed or severely reduced, causing more of our unhoused neighbors to sleep on the streets. As unemployment continues, and tenants can’t pay rent, more vulnerable San Franciscans could end up without homes. Prop I is one part of the solution. It will keep tenants in their homes and provide funding to build permanently affordable housing -- the only real solution. Please vote YES on I.

Coalition on Homelessness

San Francisco Community Land Trust

Q Foundation

San Francisco Human Services Network

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

San Francisco’s Democratic leaders ask you to vote YES on I.

Despite the best efforts of our Democratic leaders in Congress, Republicans in Washington DC have failed on the pandemic and the economy. As a result, we must take action here to protect those most in need. Many actions are necessary, and Prop I is an important part of the solution. It raises the transfer tax on properties valued at $10 million or more. Homeowners and small property owners will not pay more, and nonprofits are exempt. This will raise revenue to fund emergency rent relief and to build affordable housing. Let’s stand together against the wrong-headed policies of Trump and his extremist allies and vote YES on I.

Former State Senator Mark Leno

Assemblymember Phil Ting

Supervisor Gordon Mar

Supervisor Dean Preston

Supervisor Hillary Ronen

Supervisor Rafael Mandelman

Supervisor Matt Haney

Supervisor Shamann Walton

Former Assemblymember Tom Ammiano

Former San Francisco Mayor Art Agnos

Former Supervisor Jane Kim

Former Supervisor Sophie Maxwell

Former Supervisor John Avalos

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

135,000 San Franciscans have filed for unemployment. Help them by voting YES on I.

The numbers of San Franciscans who have been laid off, lost their small businesses, or have been unable to work due to coronavirus is shocking. And the impact is not equal, with people of color being hit the hardest. Those who can’t work or who have lost work must use their savings for daily necessities, and many have been unable to pay all or some of their rent. Meanwhile, billionaire Jeff Bezos’s net worth has grown by $75 billion during the pandemic. We must ask those with wealth to pay their fair share to help those in need. That’s why San Francisco’s labor unions strongly support Prop I. Please join us and vote YES.

American Federation of Teachers (AFT) 2121

Service Employees International Union (SEIU) 1021

International Longshore and Warehouse Union (ILWU)

Ken Tray, Former Board Member of United Educators of San Francisco (UESF)

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Prop I is a fair solution for tenants who cannot pay their rent

A resolution passed at the Board of Supervisors prioritizes new revenue from Prop I to fund emergency rent relief for tenants who cannot pay their rent due to coronavirus. This is an important additional protection to the current eviction ban. Mounting debt will harm tenants ability to get credit to pay for daily necessities. It also makes tenants vulnerable to efforts by landlords to leverage them to leave their apartment. At the same time, small landlords who have not received rental payments also benefit, as they will receive up to 50% of the lost rent. We strongly recommend a YES vote on Proposition I.

San Francisco Public Defender Manohar Raju

San Francisco District Attorney Chesa Boudin

Former President of the Board of Supervisors Matt Gonzalez

Eviction Defence Collaborative

Legal Assistance to the Elderly

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Advocates for seniors and those with disabilities urge you to vote YES on I

As activists dedicated to improving housing opportunities for seniors and people with disabilities, we strongly support Prop I. It will provide much-needed revenue to create quality, affordable, accessible housing in San Francisco. Vote YES on I.

Legal Assistance for the Elderly

Senior and Disability Action

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Prop I will help small landlords. Homeowners will not be impacted. Please vote YES.

Big real estate corporations are going to try to scare homeowners and small property owners about Prop I. Don’t buy the lies. Prop I only raises the transfer tax on sales of properties worth $10 MILLION OR MORE. And in fact, small landlords will benefit from the funding provided by this measure, which will help tenants pay rent debt -- to the small landlords who have lost rental income. This is a win-win for all of us. Please vote YES on I.

Ella Tideman, small landlord

Tes Welborn, small landlord

Simone Manganelli, homeowner

Robert Seigel, homeowner

Chester Hartsough, homeowner

Winnie Porter, homeowner

Patricia Koren, homeowner

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

Paid Argument IN FAVOR of Proposition I

Frontline healthcare workers need affordable housing. Please vote YES on I.

Our workers put their lives on the line to care for the thousands of San Franciscans who have tested positive for coronavirus. Some have paid a high price, being exposed to the virus themselves. At the same time, despite their hard work, many can’t afford to live in San Francisco because of the high costs of housing. Prop I will bring more funding to construct permanently affordable housing to keep our frontline healthcare and emergency workers living in the city. Please vote YES on I.

Service Employees International Union (SEIU) 1021

Diane Person, Registered Nurse

Mercedes Garay, Registered Nurse

Tara Connor, Registered Nurse

The true source(s) of funds for the printing fee of this argument: San Franciscans for a Fair Recovery.

The three largest contributors to the true source recipient committee: 1. Jeff May, 2. Yerba Buena Consortium LLC,
3. Affordable Housing Alliance PAC.

End of Paid Arguments IN FAVOR of Proposition I

Arguments are the opinions of the authors and have not been checked for accuracy by any official agency. Arguments are published as submitted. Spelling and grammatical errors have not been corrected.

Paid Arguments Against Proposition I

Paid Argument AGAINST Proposition I

Vote No on Prop I. Doubling the tax rate while businesses are closing, unemployment rates are skyrocketing and our City heads into an economic recession is just plain irresponsible.

The priority of our city officials should be to stabilize the economy, work to retain jobs, and support small businesses through these uncertain times, NOT to raise taxes.

In addition, dramatically increasing the transfer tax rate will make it much more expensive to build new affordable and market rate housing, resulting in higher housing prices for future generations of renters.

Of the approximately 3,000 housing units in the development pipeline, 1,100 are affordable housing units. Increasing the transfer tax rate will add millions of dollars in construction costs and will prevent already-approved housing from ever getting built.

San Francisco is already one of the most difficult and expensive places to build housing in the country, and Prop I will only exacerbate our housing shortage.

Additionally, the Controller’s Report notes that the measure will “lead to a variety of tax avoidance behaviors” and will “further increase the volatility” of what is already the City’s most volatile revenue source.

Lastly, funds generated from this tax increase have no designated purpose and are set to go towards the City’s already-bloated budget of nearly $14 Billion.

Now is the time for long-term economic planning and recovery, not short-term attempts to fill in a growing budget deficit with volatile and unpredictable tax increases.

Vote NO today on doubling transfer taxes on housing and small business, especially in the face of an economic recession.

NO on Prop I.

San Francisco Apartment Association

The true source(s) of funds for the printing fee of this argument: San Francisco Apartment Association PAC.

The three largest contributors to the true source recipient committee: 1. West Coast Property Management, 2. West & Praszker Realtors, 3. Vanguard Property Management.

Paid Argument AGAINST Proposition I

Don’t be fooled by political rhetoric - Proposition I will hurt small businesses and stop the creation of new housing. Vote NO on Proposition I.

The proponents of Proposition I would like to say this is a tax on mansions - it’s not. It’s a tax on storefronts, small business offices, and new housing.

Proposition I doesn’t just tax the sale of property - it taxes commercial leases used by small businesses too. At a time when small businesses need as much flexibility as possible from their offices or storefronts, Proposition I will place another tax on them for trying to transfer their lease.

Proposition I will make creating new housing significantly more expensive by stopping some housing projects outright and making other homes significantly more expensive to build. Hundreds of affordable units will be impacted by Proposition I.

Vote NO on Proposition I. Protect our small businesses, local economy, and housing.

Edwin M. Lee Asian Pacific Democratic Club

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I, and protect our local economy.

Proposition I doesn’t just tax sales of wealthy property owners — it will push costs to small business leases, including restaurant leases. At a time when restaurants in San Francisco are struggling to renegotiate or transfer their leases, Proposition I creates substantial new costs that will be passed on to the restaurants and businesses holding the leases — putting additional financial burdens on businesses trying not to permanently close. These additional taxes could be the breaking point for many.

Our local economy is already struggling under the pandemic. Unemployment is at an all-time high, and over 50% of all storefront businesses are closed. We are experiencing one of the deepest economic recessions our city has ever seen. Now is NOT the time to increase taxes.

Please vote NO on Proposition I, and protect our small businesses and local economy.

Laurie Thomas, Executive Director

Golden Gate Restaurant Association

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I.

Proposition I will increase taxes on San Francisco local businesses when we can least afford it. San Francisco businesses have been devastated by our pandemic recession, our tourism businesses are facing an uncertain future, and tens of thousands of residents are unemployed.

We should be trying to revitalize our economy, get people back to work, and save local businesses - not increasing taxes again.

Please vote NO on Proposition I, and protect our local businesses.

Kevin Carroll, President & CEO

Hotel Council of San Francisco

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Proposition I will hurt local residents, worsen our unemployment rate, and stop the production of hundreds of affordable housing units.

The ballot measure will threaten thousands of housing units across the city, making housing more difficult and more expensive for everybody. It will hurt our ability to provide union construction jobs for San Francisco residents, and prevent us from seeing a full economic recovery. San Francisco is experiencing unprecedented unemployment: jobs, affordable housing, and a strong economy are more important than ever.

Vote NO on Prop I.

Todd David, Executive Director

SF Housing Action Coalition

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Our city is facing one of our deepest economic recessions in a generation. As the pandemic drags on, San Francisco small businesses are being stretched to the breaking point. More than half of all storefront businesses have already closed their doors indefinitely. This is not the time to be increasing taxes and driving small businesses to become permanently closed - we need sound economic policy that protects small businesses and helps people get back to work.

Please vote No on Proposition I, and help small businesses get back on their feet.

Michael Cerchiai, Small Business Owner, Bimbo’s 365

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I.

If we continue to increase taxes, we will continue to hurt our local economy, jobs, and housing creation. San Francisco is already one of the most difficult places in the country to start and run a small business. If we do not stabilize our local economy, we will push companies to leave San Francisco - pushing jobs, tax dollars, and community investment away with them.

Please support sound economic policy, and vote NO on Proposition I.

Building Owners and Managers Association of San Francisco

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote no on Proposition I.

Proposition I will significantly hurt San Francisco’s economy. It is misguided to double this tax amid a global pandemic and a major recession, especially when San Francisco already has some of the highest taxes in the country.

Protect San Francisco’s local economy, please vote no on Proposition I.

Leland, Parachini, Steinberg, Matzger & Melnick LLP

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I to protect affordable housing, small businesses, and homeowners.

Proposition I could stop the creation of over three thousand homes, including over a thousand affordable housing units. It will make housing more difficult to find and more expensive for everybody. It will also risk hundreds of union construction jobs, which our economy just cannot afford to lose.

San Francisco is experiencing a pandemic, economic recession, and housing shortage. We cannot make housing more affordable if we continue increasing taxes on it.

Vote NO on Proposition I!

San Francisco Association of Realtors

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

San Francisco is one of the most difficult and expensive places in the country to build housing. Years of broken policy has left us with a housing shortage that has made housing more expensive and difficult to find for everybody.

Proposition I is another misguided policy that will only make affordable housing more difficult to build. We cannot make housing more affordable by continuing to increase taxes on it. This ballot measure puts thousands of housing units at risk, including hundreds of affordable housing units.

Please vote NO on Proposition I; help us protect affordable housing for everyone.

Chinese Real Estate Association of America

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I.

Proposition I will hurt homeowners, small businesses, and desperately-needed new housing. Proposition I will ensure that less homes are available in San Francisco, making housing more expensive for everybody.

You can’t make housing more affordable by increasing taxes on it. San Francisco already has the highest taxes on property transfers in the Bay Area, and one of the highest transfer tax rates of a major U.S. city. San Francisco’s current transfer tax is already significantly higher than Los Angeles, Seattle, Portland, Chicago, and New York City. We don’t need new taxes to create more affordable housing, we need better housing policy. This ordinance is bad for San Franciscans, our jobs, and the future of our city.

Vote NO on Proposition I.

Coalition Against Unfair Housing Legislation

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

San Francisco local businesses are the heart and soul of our city.

They are suffering like never before. The pandemic has forced hundreds of businesses to close permanently, those that are still open are teetering on the brink.

Now is not the time to raise taxes. We need long-term economic plans to bring investment and economic vitality back into San Francisco.

Please vote No on Proposition I.

Sal Chiavino, President

Premiere Catering and Events, a San Francisco small business

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I, and protect our local economy.

Proposition I doesn’t just tax sales of property - it also applies small business leases. At a time when small businesses across San Francisco are struggling to renegotiate or transfer their leases, Proposition I creates yet another financial burden. Businesses who are trying to resolve their long-term leases will be punished by Proposition I.

Please vote NO on Proposition I, and protect our small businesses and local economy.

Maryo Mogannam, President

Council of District Merchants Association

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

If Proposition I passes, it will significantly worsen the housing crisis in San Francisco. The transfer tax will put thousands of new housing units at risk, including hundreds of affordable housing units. It will threaten thousands of union construction jobs, further increasing our unemployment rate.

We need real solutions to rebuild our economy after the COVID-19 pandemic. San Francisco’s transfer tax is already higher than any other major U.S. city, and doubling it in a time of deep economic insecurity is reckless and bad for all San Franciscans.

Vote NO on Proposition I.

Coalition for Better Housing

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Increasing taxes at a time when our economy is heading into recession and unemployment rates are at an all-time high is irresponsible policymaking. The priority of our city officials should be to stabilize the economy, work to retain jobs, and support businesses that can steer San Francisco through these uncertain times.

Vote NO on Prop I, and protect our local economy from reckless taxes.

Chris Wright, Executive Director

The Committee on Jobs

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote No on Proposition I! It’s Idiotic!

VOTE NO ON PROPOSITION I

This tax represents the highest form of City Hall gouging.

Oppose the imposition of this ill-conceived “holdup” for money. The act of recording a real estate deed of new ownership at the Recorder’s office is simple and straightforward.

How much time is actually required for one of City government’s 38,000 employees to stamp and file a deed? 10 minutes? Or less with technology!

Five supervisors who’ve never seen a tax they didn’t like, want you to double the fee from 2.75% to 5.5% on transactions between $10 and $25 million and 3% to 6% on $25,000,000 and over!

The Controller dubs it “the City’s most volatile revenue source . . .” and says Prop I “would further increase the volatility of this source.”

Demand the Board of Supervisors exercise fiscal constraint rather than gouging every fee they can find to support their lack of fiscal discipline. If they cannot resist during a global pandemic, it’ll be ‘Katy Bar the Door in the future’!

San Francisco Taxpayers Association

Judge Quentin L. Kopp (Ret.)

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I to protect affordable housing and small businesses.

This tax increase could not come at a worse time. Our city is facing one of the greatest economic recessions its ever seen. Over 50% of storefront businesses are closed indefinitely, many of which are immigrant-owned. Our neighborhoods and communities are struggling.

This tax will only send another shock to our economy, further destabilizing our small businesses and taking away financial options from merchants. It will have a huge impact on our immigrant-owned businesses, who will face additional burdens and lose financial security through Prop I.

This is the wrong time and the wrong policy. Please vote no on Proposition I.

Bill Lee, Retired City Administrator and San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

San Francisco local businesses are the heart and soul of our city.

They are suffering like never before. The pandemic has forced hundreds of businesses to close permanently, and those that are still open are teetering on the brink.

Now is not the time to raise taxes. San Francisco has raised the transfer tax 3 times in just over a decade, and we already have some of the highest taxes and fees in the country. We need long-term economic plans for recovery that bring investment and economic vitality back into San Francisco.

Please vote No on Proposition I, and protect our small businesses.

Tiffany M Pisoni, Owner

Swiss Louis Italian and Seafood Restaurant, a San Francisco small business

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote No on Proposition I! Now is not the time for tax increases.

Even before the pandemic, San Francisco was a really difficult city for small businesses. Now tourism has disappeared and over 50% of all business storefronts are closed indefinitely. Our economy cannot take another shock, and now is not the time for additional tax increases.

Small businesses are doing their best to survive in a tough environment. We should be making it easier, not harder, for businesses to stay afloat. Protect our local economy, please vote NO on Proposition I.

Brian Hayes, San Francisco Small Business Owner

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote no on Proposition I. San Francisco is already experiencing an unprecedented crisis due to the coronavirus. Prop I will hurt small businesses and worsen our housing crisis at the worst possible time.

Sandy Mori, San Franciscan and API community advocate

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I to protect affordable housing in San Francisco.

Proposition I harms the creation of new housing. The tax increase hurts projects’ financial viability and will kill large housing projects stuck in the pipeline. San Francisco is already one of the most difficult places in the country to create housing, especially affordable housing. For many projects, this tax will be the tipping point that stops housing from being built.

Thousands of housing units in the pipeline are at risk, including hundreds of affordable homes for our most vulnerable residents. Proposition I will make housing more expensive and less available. Please vote NO on Prop I to protect affordable housing creation in San Francisco.

Mike Chen, San Franciscan and housing advocate

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote no on Proposition I to protect our San Francisco businesses.

San Francisco’s economy is struggling. Hundreds of small businesses have been forced to pause services, and many will be forced to close their doors, permanently. San Francisco must focus on measures that make investment and opportunity more accessible, not less, in addressing the recession. Increasing taxes during a time of deep economic uncertainty will only drive more jobs and businesses out of the city.

Proposition I has no protections for small businesses and will only make our economic downturn worse.

Please vote no on Proposition I.

Lara L. DeCaro, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

San Francisco small businesses say NO to Proposition I.

Our small business community is facing a major crisis. Over 50% of storefront businesses are closed, and tens of thousands of San Franciscans are out of work. Small businesses are closing every day.

We need to support our neighborhood businesses and merchant corridors. Proposition I would create another tax that small businesses would need to pay, either through increased rents or when they need to transfer their leases.

Please vote NO on Proposition I, and protect our local small businesses.

Betty Louie, Small Business Owner

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I.

San Francisco is already experiencing one of the deepest economic recessions we have ever seen. Now is not the time to increase taxes, now is the time to support small businesses and begin planning for economic recovery. Please vote no on Proposition I, and protect our small businesses.

Stephen Cornell, Small Business Leader

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

San Francisco is facing nearly unprecedented unemployment, and many businesses are shifting their operations outside San Francisco. We need to create an environment that jumpstarts our economy and gets people back to work. San Francisco’s city budget is facing a $2 billion budget deficit - driving more of our tax base out of the city will only deepen our deficit, worsen our economic crisis, and hurt small businesses. Please vote no on Proposition I, and oppose further tax increases during an economic recession.

Steve Farrand, San Francisco business leader

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I.

Proposition I will hurt homeowners, small businesses, and our local economy. We must start thinking long-term about our economic recovery, and avoid reckless policy. San Francisco’s transfer tax rates are already higher than in most Bay Area cities, this would be another roadblock.

Please vote NO on Proposition I, and give our economy a chance to recover.

Betty Wong, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I!

Don’t be fooled - the real people who will end up paying the Prop I tax are San Francisco renters. This tax will only increase the cost of creating desperately-needed housing, including affordable housing. Just as San Francisco rents were beginning to drop, Prop I will make housing more expensive again.

Don’t make the housing crisis worse. Vote NO on Proposition I.

Anh Tu Nguyen, San Francisco resident

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I.

It is the wrong time, wrong crisis, and wrong policy. We need to support our small businesses and local economy, not implement reckless legislation.

Carrie Magee, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I to protect affordable housing in San Francisco.

Sara Tam Ogilvie, San Franciscan and housing advocate

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I.

We are in a time of economic instability unlike we have seen in decades. The last thing local officials should be doing is proposing drastic new taxes. Small businesses must be able to plan their finances in order to begin rehiring. Proposition I will cost our city jobs, tax dollars, and local investment.

Please vote NO on Proposition I, and protect our local economy.

Rebecca White, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I.

Proposition I raises taxes on the San Franciscan economy when we can least afford it. Over 175,000 San Franciscans have lost work this year, and hundreds of small businesses are facing closure. We cannot risk sending our economy into a tailspin.

Please vote NO on Proposition I, and protect our city’s economy.

Alfred Wong, San Francisco resident

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I. San Francisco’s economy is already struggling, and Proposition I will only make it harder for small businesses during the pandemic.

Mark Young, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I!

This tax masquerades as a millionaires tax, but is actually a tax that will hurt housing projects that are critical to San Franciscans. The tax will stop projects that would provide affordable housing, create union jobs, and provide storefronts for small businesses. This tax puts thousands of potential homes at risk, making housing more expensive and difficult to find for everybody.

Please vote NO on Proposition I. Don’t be misled by another tax increase.

Joel Luebkeman, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

We are in a time of unprecedented economic instability. Over 50% of storefront businesses have closed in San Francisco, and small businesses are struggling to stay afloat.

Now is not the time to increase the transfer tax. Many small businesses purchased their storefronts or buildings to protect themselves from increasing rents during the economic boom. Now, they are relying on those storefronts and buildings to cover their bills. Proposition I will take away the flexibility and financial stability that many small businesses need to survive the pandemic recession.

Please vote NO on Proposition I, and help small businesses during this critical time.

Dena Aslanian-Williams, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I. We need to protect San Francisco small businesses, and we need to continue to create desperately-needed housing. Proposition I stops us from being able to construct new housing and will hurt small businesses.

Please vote no on Proposition I this November.

Horatio Jung, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I.

San Francisco is facing one the deepest recessions in a generation. Now is not the time to place another tax on our local economy and small businesses.

Please vote no on Proposition I. Protect our small businesses and economy.

Garret Tom, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I!

San Franciscans cannot afford yet another tax. We are in the midst of one of the deepest economic recessions in a generation, and small businesses are closing every day. The Prop I tax will be passed down to small businesses through their rents, and the tax will be applied to their storefront and office leases.

Small businesses will ultimately be the ones who pay this tax. Please vote NO on Proposition I.

Kimnay Im, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I.

Proposition I will make it more difficult and more expensive to build desperately-needed housing in San Francisco. The Prop I tax will only worsen our housing crisis.

Ronald Young, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I!

Proposition I will hurt our communities and our small businesses. At a time when San Francisco is experiencing a pandemic recession, we can’t afford Proposition I’s immediate tax increase.

Please vote NO on Prop I.

Timothy Toye Moses, San Francisco community leader

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I.

This permanent, immediate tax increase will discourage new small businesses in San Francisco. We need to support small businesses in SF, instead of giving them another tax.

Vanita Louie, long-time San Francisco resident

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Long-time San Franciscans oppose Proposition I because we know that it will hurt our city’s future.

This permanent tax increase will discourage new small businesses from starting in San Francisco, during a time when we need to do as much as we can to support them. We should be encouraging small business in SF, not taxing it.

Vote to protect San Francisco’s future. Vote NO on Proposition I.

Austin Louie, long-time San Francisco resident

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I!

San Francisco’s economy is already on the brink. Hundreds of small businesses have closed, tens of thousands of San Franciscans are unemployed, and over 50% of storefronts remain shuttered indefinitely. Our economy cannot afford yet another tax during one of the deepest recessions in our history.

Please vote NO on Proposition I, and protect our economy and our working families.

Jia Suey Wu, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Tens of thousands of jobs have already been lost due to the COVID-19 pandemic. Adding new, unvalidated taxes will only exacerbate an already challenging economic environment. In order to guide San Francisco through this recession and into a recovery, we need relief for small businesses, incentives for job growth, and economic stability.

Please vote NO on Proposition I.

Samnang Soy, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I!

Proposition I will increase the cost of housing for everybody. San Francisco is already one of the worst cities in the country to build housing, and Prop I will make housing significantly more difficult to create. This tax will make housing more expensive for everybody.

Please vote no on Proposition I - help prevent our housing crisis from getting worse.

Jeffrey Woo, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I. Proposition I will hurt small businesses and worsen our economic downturn. We need to support our small businesses during this pandemic, not increase their financial burden.

Moses Lim, San Francisco resident

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Vote NO on Proposition I.

Our economy cannot take one more shock. Now is not the time to introduce immediate, dramatic tax increases.

Please vote NO on Proposition I, and protect our economy.

Kimsophea Tune, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I. It’s bad for small businesses, and it’ll worsen our housing crisis. This pandemic has devastated our economy - we need long-term planning, not immediate and permanent taxes.

Patrick O’Sullivan, long-time San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I!

San Francisco’s economy cannot take another shock. Proposition I will place another tax on our economy, driving away jobs, businesses, and families from the City, as well as crippling our ability to recover from the COVID19 pandemic.

Please vote no on Proposition I, and protect our local economy.

Jason Leung, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I.

Proposition I will put one more tax on San Francisco’s struggling economy. Now is the time for thoughtful economic planning and recovery, not a tax increase that will be paid by small businesses.

Margaret O’Sullivan, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Don’t be fooled by Proposition I!

Proposition I proponents are hiding its real impacts behind fancy rhetoric. Proposition I will increase taxes on housing and small businesses in San Francisco. Our city is already facing so many economic challenges during the pandemic, and our taxes are already some of the highest in the nation. We don’t need another tax, we need to support our economy.

Please vote NO on Proposition I.

Bessie Prezer, long-time San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote NO on Proposition I.

Proposition I is the wrong policy at the wrong time for San Franciscans. It makes no sense to immediately and dramatically increase taxes amidst one of the worst economic recessions we’ve seen in 30 years. This is the time for long-term economic planning and recovery, not short-term thinking. Asking for a tax increase at the same time 175,000 San Franciscans have filed unemployment claims is unacceptable.

Please vote NO on Proposition I and protect working families.

Marivic Cuevas, San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Don’t be fooled by political rhetoric - Proposition I will hurt small businesses and stop the creation of new housing. Vote NO on Proposition I.

The proponents of Proposition I would like to say this is a tax on mansions - it’s not. It’s a tax on storefronts, small business offices, and new housing.

Vote NO on Proposition I. Protect our small businesses, local economy, and housing.

Mary Jung, Past Chair of the SF Democratic Party

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

San Francisco’s economy cannot take another blow.

Proposition I would put another tax on small businesses and our local economy. We’re already facing one of the deepest economic recessions in 30 years. Another tax will only worsen our downturn.

We cannot afford the Prop I tax. Vote NO on Proposition I.

Benjamin Leong, San Francisco resident

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Paid Argument AGAINST Proposition I

Please vote no on Proposition I.

Proposition I will hurt homeowners, small businesses, and our local economy. San Francisco’s transfer tax rates are already higher than in most Bay Area cities and more excessive than in other major cities, including Los Angeles, New York City, Chicago, and Seattle. We are also one of the most difficult cities to start, operate and build sustainable small businesses. This would be another roadblock. We must start thinking long-term about our economic recovery, and avoid reckless policy.

Please vote no on Proposition I, and give our economy and small businesses a chance to recover.

John Yen Wong, Long-time San Franciscan

The true source(s) of funds for the printing fee of this argument: The Committee for San Francisco Economic Recovery Sponsored by the SF Chamber of Commerce.

The sole contributor to the true source recipient committee: BOMA SF Independent Expenditures PAC.

Arguments are the opinions of the authors and have not been checked for accuracy by any official agency. Arguments are published as submitted. Spelling and grammatical errors have not been corrected.

Legal Text

Ordinance amending the Business and Tax Regulations Code to increase the Real Property Transfer Tax rate from 2.75% to 5.5% on transfers of properties with a consideration or value of at least $10,000,000 and less than $25,000,000, and from 3% to 6% on transfers of properties with a consideration or value of at least $25,000,000; and to increase the City’s appropriations limit by the amount of the tax increase for four years from November 3, 2020.

NOTE: Unchanged Code text and uncodified text are in plain font.

Additions to Codes are in single-underline italics Times New Roman font.

Deletions to Codes are in strikethrough italics Times New Roman font.

Be it ordained by the People of the City and County of San Francisco:

Section 1. Pursuant to Article XIII C of the Constitution of the State of California, this ordinance shall be submitted to the qualified electors of the City and County of San Francisco at the November 3, 2020, consolidated general election.

Section 2. The Business and Tax Regulations Code is hereby amended by revising Section 1102 of Article 12-C, to read as follows:

SEC. 1102. TAX IMPOSED.

There is hereby imposed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the City and County of San Francisco shall be granted, assigned, transferred or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his or her or their direction, when the consideration or value of the interest or property conveyed (not excluding the value of any lien or encumbrances remaining thereon at the time of sale) (a) exceeds $100 but is less than or equal to $250,000, a tax at the rate of $2.50 for each $500 or fractional part thereof; or (b) more than $250,000 and less than $1,000,000, a tax at the rate of $3.40 for each $500 or fractional part thereof for the entire value or consideration, including, but not limited to, any portion of such value or consideration that is less than $250,000; or (c) at least $1,000,000 and less than $5,000,000, a tax at the rate of $3.75 for each $500 or fractional part thereof for the entire value or consideration, including, but not limited to, any portion of such value or consideration that is less than $1,000,000; or (d) at least $5,000,000 and less than $10,000,000, a tax at the rate of $11.25 for each $500 or fractional part thereof for the entire value or consideration, including, but not limited to, any portion of such value or consideration that is less than $5,000,000; or (e) at least $10,000,000 and less than $25,000,000, a tax at the rate of $27.5013.75 for each $500 or fractional part thereof for the entire value or consideration, including but not limited to, any portion of such value or consideration that is less than $10,000,000; or (f) at least $25,000,000, a tax at the rate of $3015 for each $500 or fractional part thereof for the entire value or consideration, including but not limited to, any portion of such value or consideration that is less than $25,000,000. The People of the City and County of San Francisco authorize the Board of Supervisors to enact ordinances, without further voter approval, that will exempt rent-restricted affordable housing, as the Board may define that term, from the increased tax rate in subsections (d), (e), and (f).

Section 3. Appropriations Limit Increase. Pursuant to California Constitution Article XIII B and applicable laws, for four years from November 3, 2020, the appropriations limit for the City shall be increased by the aggregate sum collected by the levy of the tax imposed under this ordinance.

Section 4. Scope of Ordinance. In enacting this ordinance, the People of the City and County of San Francisco intend to amend only those words, phrases, paragraphs, subsections, sections, articles, numbers, punctuation marks, charts, diagrams, or any other constituent parts of the Municipal Code that are explicitly shown in this ordinance as additions or deletions, in accordance with the “Note” that appears under the official title of the ordinance.

Section 5. Effective and Operative Date. The effective date of this ordinance shall be ten days after the date the official vote count is declared by the Board of Supervisors. This ordinance shall become operative on January 1, 2021.