Proposition C — Real Estate Transfer Tax Exemption and Office Space Allocation

Proposition C — Real Estate Transfer Tax Exemption and Office Space Allocation

Would change San Francisco’s tax policy to allow a one-time transfer tax exemption for owners of properties converted from commercial to residential use the first time they are sold following conversion, as long as the change of use is approved before Jan. 1, 2030. This exemption could be applied to up to 5 million square feet of converted properties. The measure would also allow the Board of Supervisors to amend, reduce, suspend or repeal the transfer tax without voter approval, although voters would have to approve increases. It would also allow the city to increase the amount of commercial development allowed in a given year by including the square footage from property that has been converted or demolished. Mayor London Breed submitted this measure for inclusion on the ballot. The measure is supported by groups including Housing Action Coalition, GrowSF, San Francisco Bay Area Planning and Urban Research, and SF Yimby. The measure is opposed by groups including the Council of Community Housing Organizations, the San Francisco Democratic County Central Committee, the San Francisco Tenants Union, and Senior and Disability Action. Proposition C requires more than 50% affirmative votes to pass.