Voter in San Francisco will consider Prop I on the November 2020 ballot.  If approved by simple majority, the measure will double the city’s transfer tax on commercial real estate deals of $10 million or higher.  Given the expensive nature of San Francisco’s real estate, the increased transfer tax may bring in a considerable amount of revenue to the city.

The increased transfer tax would increase the transfer tax rate from 2.75% to 5.5% applicable to property sold for $10 to $24.99 million, and from 3% to 6% for properties sold for more than $25 million.

According to BisNow | San Francisco, Prop I would also allow the Board of Supervisors to enact future ordinances “without future voter approval” that would “exempt rent-restricted affordable housing, as the Board may define that term,” from the transfer tax increase, according to the legal text of the proposition.