Fact Sheet

  • FUNDS AFFORDABLE HOUSING 

    • This measure takes advantage of a new legal precedent that guarantees that tax money already intended for affordable housing and rent relief will actually be used to fund it. It has already generated over $500M so far!

  • NOT A NEW TAX 

    • This ensures that 2020 tax money that voters intended for affordable housing is actually used for affordable housing. 

  • Paid for by the biggest real estate sales

    • This is paid for by a 2020 tax on luxury real estate sales of $10M or more

  • Does not stop growth!

    • The tax does not apply to the first sale of newly built housing

  • Taxes only the SUPER RICH

    • This is a small tax on high-end real estate office towers and mega-mansion sales of 2.75% for sales between $10M and $25M and 3% for over $25M.

  • Does not hurt the City budget!

    • If we don’t pass this, the tax will be repealed. So it is not taking away from other priorities or labor money. It is affordable housing or nothing!

  • Led by your neighbors

    • This is being led by residents who are fed up with the housing and affordability crises