San Francisco Proposition I transfer-tax housing fund
San Francisco's Proposition I would dedicate transfer taxes on properties worth $10 million or more to a House SF Fund for affordable-housing programs.
The Mayor's Office of Housing and Community Development projected its annual capacity dropping from roughly $330 million supporting 20 projects this fiscal year to about $130 million supporting seven projects in 2027–28, with the next housing bond not scheduled until 2034. Proposition C on the November ballot would raise the Affordable Housing Trust Fund's $50 million annual cap to about $125 million, and Proposition I would dedicate $125 million in taxes on high-end property sales to non-market housing. 48 Hills reported more than 12,000 affordable homes are in the pipeline awaiting funding.
More than $1 billion in affordable-housing bond money approved over the past ten years built almost 5,000 units and funded roughly 2,000 more now coming online.
The San Francisco chapter of the Democratic Socialists of America is the group behind Proposition I, a ballot measure that would dedicate the city's transfer taxes on properties worth $10 million or more — nearly $120 million a year, per the City Controller — to a House SF Fund for affordable-housing programs. Mayor Daniel Lurie and the city's police and firefighters unions said the measure would create "an unaccountable slush fund."
The transfer tax had raised $504.6 million by February, about $200 million of which initially went to housing-related programs, according to advocates cited in the article.
The Examiner reported that the San Francisco DSA chapter is the group behind Proposition I, which would dedicate the city's transfer tax on property sales of $10 million or more to a House SF Fund — a shift the City Controller put at nearly $120 million a year. Mayor Daniel Lurie and the city's police and firefighter unions said the measure would create "an unaccountable slush fund." The chapter's dues-paying membership rose more than 28 percent this year to 1,506, and the national organization said in July it had reached 120,000 members.
The transfer tax had raised $504.6 million by February, about $200 million of which initially went to housing-related programs.