Prop. G – Voters Said NO!
In a shocking (and relieving) turn of events, Proposition G – the proposal to install an additional housing tax on real estate “speculation” – was turned down by San Francisco voters yesterday at the polls. Click here for a more in-depth read about Prop. G’s terms.
The vote that had everyone in the Real Estate sphere spinning is finally over. Homeowners, investors, and San Francisco property owners can take a deep breath today – knowing, they haven’t lost control of their investments to a poorly planned piece of legislation.
Prop. G intended to tax owners of 2-30 unit residential properties if they decided to sell within 5 years of purchase. The Board of Directors – made up of supervisors Avalos, David Campos, Jane Kim and Eric Mar – thought this measure would help reduce speculation in San Francisco’s real estate market – and in turn, help to reduce evictions that have become commonplace in The City as housing costs rise.
Quintin Mecke – Prop. G’s leader – spoke to the SFexaminer yesterday. He stated that real estate interests “outspent his campaign by 12-1”. Over 2 Million USD was raised to fight Prop. G. Considering the cost of property in San Francisco – this is a small price to pay to avoid 100s of Millions lost this tax (had it passed). In fact, according to City Controller estimates – had Prop G passed, this tax would have raised 24.78 Million USD every year. Sadly – this money would have ended up in the general fund, rather than going towards actually addressing the issue of evictions.
Unhappy with yesterday’s result, Quintin suggests that until evictions and housing costs drop, he will continue to propose such legislation every November. We will check in with his stamina next year.
Today – we should all be grateful that Prop. G was voted down. This is truly great news.