San Francisco Mayor Daniel Lurie and Supervisor Bilal Mahmood have introduced a November ballot measure to tax sales of foreclosed commercial properties, potentially raising $200 million over three years. The measure would eliminate a 1984 exemption that currently allows sellers of foreclosed properties to avoid the city's transfer tax.
- The tax targets corporate capital, hedge funds, and lenders, excluding single-family homes and small residential properties. - The proposal has broad support from the Board of Supervisors, with five co-sponsors.
- The measure was initially proposed to offset revenue losses from the BUILD Act, a jobs and housing bill. The measure is expected to qualify for the November ballot, aiming to make the city's tax code simpler and fairer.