San Francisco voters were deciding Tuesday on Proposition C, which allows for a one-time transfer tax exemption for property owners who convert office buildings to housing. The exemption would apply to the first sale of a property after its conversion.
The transfer tax exemption would apply to property owners who get approval to convert commercial property to housing before 2030. The measure requires a simple majority to pass.
City properties valued at over $10 million have a transfer tax rate of 5.5% to 6%, higher than other large California cities.
Prop. C also allows the city’s Board of Supervisors to amend, but not increase, the transfer tax without voter approval.
“By removing barriers to converting office space to housing, Prop. C will take vacant space, turn it into homes, and bring more people downtown,” said Breed in an October statement about the measure.
The San Francisco Democratic Party opposes Prop. C, along with the SF Tenants Union, Affordable Housing Alliance and Senior and Disability Action.
Opponents argued in a ballot statement that Prop. C is a “deceptive ballot measure that takes power away from voters and allows City Hall politicians to hand out corporate tax breaks to billionaires and huge property owners.” They claim that current law allows tax exemptions for converting office buildings to housing and that the measure gives unnecessary tax breaks to luxury housing developers.
Polls in San Francisco are open until 8 p.m. Tuesday, and first results are expected by 8:45 p.m.
The San Francisco Department of Elections will count all vote-by-mail ballots received with valid postmarks delivered by mail by March 12. Mailed ballots must be postmarked by Tuesday to be counted.
The city has over 500 polling places. To find your assigned polling place, check this map.
Voters who have filled out ballots at home may drop them off at City Hall or any other polling place by 8 p.m.
Voters may also drop ballots into one of 37 official drop boxes throughout the city. Ballots must be deposited by 8 p.m. Tuesday to be counted.
This story will be updated as results come in.
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