Support Amending and Decreasing Real Property Transfer Tax

The Context

Mayor Lurie with early support from Supervisors Mahmood, Sauter and Dorsey are proposing to reverse Prop I (2020). The action is aimed to help jump-start the construction of thousands of housing units that are approved but stalled due to economic infeasibility.

According to the SF Planning Dashboard as of March 19, 2026 there are 74,810 pipeline units - gross, 46,938 units approved, and 3,107 authorized to start construction.

The History

In November 2020, San Francisco voters passed Proposition I, an ordinance increasing the City's property transfer tax rate on commercial and residential properties.

Increased the tax rate on properties valued between $10 million and $24,999 million from 2.75% to 5.5%
Increased the tax rate on properties valued at $25 million or more from 3% to 6%.

The measure was a general tax, and revenues are deposited into the city’s General Fund.

The Proposal

The proposal would roll back former Supervisor Dean Preston’s 2020 ballot measure that doubled the transfer tax on large real estate deals.

Reduce the tax rate from 5.5% to 2.75% when the consideration or value of the property conveyed equals or exceeds $10,000,000 but is less than $25,000,000.
Reduce the tax rate from 6% to 3% when the consideration or value equals or exceeds $25,000,000; exempt from these reductions the transfer of single-family residences and reduce the penalties for delinquent real property transfer taxes

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Email to Clerk of the Board and Members of the Board of Supervisors. You may use or adapt the message below:

Dear Mayor Lurie and Board of Supervisors, &#13;&#10;&#13;&#10;We support your efforts to amend and reduce the tax rates on real property transfers. &#13;&#10;&#13;&#10;As you are aware, the current conditions in the market are not cooperating with the unit economics to pave the way for developers to build housing in San Francisco. &#13;&#10;&#13;&#10;We believe reversing the real property transfer tax rate to the rate it was prior to Prop I (2020) was approved. &#13;&#10;We propose reversing the real property transfer tax rate to the rate established prior to the approval of Proposition I in 2020.&#13;&#10;&#13;&#10;While offering an alternative solution to offset the tax reduction from real property transfers helps all parties get to their own respective goals and aspirations. &#13;&#10;&#13;&#10;Continuing to remove barriers, such as this proposal to reduce real property transfers will give San Francisco a better chance at creating more jobs, welcoming new residents to San Francisco and rejuvenating projects that have been stalled for years.&#13;&#10;&#13;&#10;Please approve this common sense ordinance. &#13;&#10;&#13;&#10;Sincerely,

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