Should owners of vacant homes be forced to pay a tax? San Francisco voters are a step closer to answering that question in November.
San Francisco voters are a step closer to answering that question in November, as backers of the Empty Homes Tax measure announced they’ve gathered enough signatures to appear on the ballot.
Sponsored by Supervisor Dean Preston — and backed by the Democratic Socialists of America-San Francisco and Faith in Action Bay Area — the vacant homes tax is meant to stem speculation in San Francisco’s housing market while simultaneously generating tax revenue that will fund affordable housing. The proposal excludes owners of single family homes and duplexes. The omission, sponsors say, is meant to focus the policy on where vacancies are concentrated, particularly on newer, large scale developments on the city’s east side that have large vacancy rates.
The tax would bring in an estimated $38 million to the city annually and return a small portion of unoccupied units, about 12%, back on the market.
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