Amid San Francisco’s skyrocketing rents, Proposition I could dedicate $120 million each year toward affordable housing.
The measure would redirect money from an existing transfer tax on the sale of properties worth more than $10 million. Currently, tax revenue from these sales goes into the general fund, where it can be spent more freely.
Tenant and anti-displacement organizations are hoping to pass the measure, saying that it could create hundreds of new affordable housing units each year and provide rental assistance.
Mayor Daniel Lurie has come out against the measure, calling it an “unaccountable slush fund” — even though his Office of Housing and Community Development would manage money generated by the tax.
