Supervisor Dean Preston authored Proposition I, a transfer tax increase that would raise money for affordable housing. (Kevin N. Hume/S.F. Examiner)

Supervisor Dean Preston authored Proposition I, a transfer tax increase that would raise money for affordable housing. (Kevin N. Hume/S.F. Examiner)

Voters approving Prop. I transfer tax hike for affordable housing

San Francisco voters backed Proposition I to bring in an average of $196 million annually for rent relief affordable housing, election night results indicate.

The measure, which received 187,900 votes (nearly 58 percent of the vote) as of midnight returns, was brought forward by Supervisor Dean Preston. Opposed heavily by real estate interests, it would raise the transfer tax on properties worth $10 million or more, which the controller estimated would bring in anywhere from $13 million to $346 million annually. The ongoing recession spurred by the pandemic makes the exact figure uncertain, but it could average $196 million annually.

Funds from Prop. I would go into general city coffers, but supervisors last week approved a COVID-19 Rent Resolution and Relief Fund to financially assist small landlords who waive back rent for tenants impacted by coronavirus. A recent city report found that unpaid rent in San Francisco between April and September could be worth as much as $32.7 million a month.

The new revenue sources would come at a time when San Francisco’s funding for affordable housing is expected to plummet to an average of $200 million annually without further investment. In order to fulfill affordable housing needs, The City needs an annual average of $517 million annually.

Half of Prop. I revenue would go toward the newly-established Housing Stability Fund related to Proposition K, which allows San Francisco to acquire, build or rehabilitate subsidized affordable housing.

Bay Area NewsElection 2020Housing and HomelessnessPoliticssan francisco news

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at

Just Posted

U.S. Attorney David Anderson announces federal firearms charges against two men for their roles in a March 2019 shooting outside the Fillmore Heritage Center in a news conference alongside SFPD staff at the Phillip Burton Federal Building on Thursday, Jan. 9, 2020. (Kevin N. Hume/S.F. Examiner)
Departing U.S. attorney predicts corruption probe will continue

David Anderson shook up City Hall as top federal prosecutor

Board of Supervisors President Shamann Walton, a former school board member, has been asked to help secure an agreement between the school district and teacher’s union. <ins>(Kevin N. Hume/S.F. Examiner)</ins>
Supervisor Walton tapped to mediate teacher contract talks

District and union at odds over hours in-person students should be in the classroom

California is set to receive supplies of the Johnson & Johnson vaccine, which is still under review by the U.S. Food and Drug Administration. (Courtesy photo)
California could receive 380K doses of new J&J COVID vaccine next week

California could receive 380,300 doses of the new Johnson & Johnson vaccine… Continue reading

Disability advocates protested outside the home of San Francisco Health Officer Tomas Aragon. (Courtesy Brooke Anderson)
Vaccine rollout plan for people with disabilities remains deeply flawed

On February 13, disability activists paid a visit to the house of… Continue reading

A Bay Area Concrete Recycling facility that opened on PG&E property in 2019. Former PG&E employees have been accused of accepting bribes from Bay Area Concrete. (Courtesy of Bay Area Concrete Recycling via ProPublica)
Lawsuit reveals new allegations against PG&E contractor accused of fraud

By Scott Morris Bay City News Foundation Utility giant Pacific Gas &… Continue reading

Most Read