Prop M in San Francisco is a proposed tax aimed at property owners who leave available rental units vacant for more than six months. Here's what to know.
The tax revenue raised from Measure M would be split between paying rent subsidies for elderly or needy families and a new fund to buy unused buildings for housing.If Measure M works in San Francisco the way it did in Vancouver, he said the city should see a drop in vacancy rates.
"The folks behind this tax will be 100% happy if what happens is the city doesn't collect a dime, because what it does instead is activates tens of thousands of homes for people who need homes,” said Preston. There are a few exceptions to the tax, including long grace periods for buildings that may need to be vacant for a while because of repairs, like water damage at 33 Tehama or fire damage at 901 Divisadero.
But opponents of Measure M say it's a poorly written proposal that could have unintended consequences for some property owners. "The owner of a small TIC, the affordable housing opportunity for property owners, could be subject to the tax if they live in the unit full time, if one of the other occupants doesn't. It's a major problem,” said Charley Gross of the San Francisco Apartment Association.But the major concern for San Francisco Apartment Association members is the possibility of a new tax at a time when they're still unsure about the city rebounding from the pandemic.
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