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 reputation for scrutinizing complicated proposals—like Assessor-Recorder Carmen Chu and Supervisors Mark Farrell, Scott Wiener and Katy Tang—all say NO to Prop. G.