"Thousands of housing projects have city approval but have been stalled due to Prop. I's prohibitive doubling of the transfer tax rate, making investment in San Francisco by businesses especially less appealing."
"Developers have said publicly that new housing won't make economic sense until rents increase by 20 percent. Trump's war in Iran is just making things worse; inflation means higher interest rates and higher construction costs."
"None of that has anything to do with the transfer tax, which is typically paid by the seller, not the buyer. These developers with their entitled projects already own the property; those taxes were paid years ago."
ConnectedSF, a conservative group, advocates for repealing Prop. I, which increased taxes on high-end real estate to fund affordable housing. Mayor Daniel Lurie supports this repeal, claiming it will boost market-rate housing construction. However, a recent email from ConnectedSF inaccurately states that thousands of approved housing projects are stalled due to the transfer tax. In reality, these projects face financing challenges due to high interest rates and construction costs, not the transfer tax, which is paid by sellers and not affecting current developers.
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