November 2026: No Position on Prop I

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The San Francisco League of Conservation Voters (SFLCV) was unable to make an endorsement decision on Proposition I: Changes To Real Property Transfer Tax.

Proposition I would modify the current Real Property Tax by:

  • Reducing the current tax by half for properties valued over $10 million; and

  • Imposing a tax of the same amount for those properties, with the same exemptions and tax reductions, with new specifications for how the proceeds are spent.

This new tax would exempt the first sale of real property within five years, and proceeds from the new tax would be apportioned according to the following percentages:

  • At least 60% to affordable housing production programs

    • At least 50% of that amount to alternative models for permanent affordable housing and the remainder to multifamily affordable housing

  • At least 25% to acquisition or rehabilitation of affordable housing

    • At least 60% of that amount to new acquisitions of affordable housing and the remainder to rehabilitation and stabilization of existing affordable housing

  • At least 10% to tenant stabilization/homelessness prevention programs

    • At least 50% of that amount to eviction defense and prevention and the remainder to emergency rental assistance

SFLCV endorsed the initial increase to the Real Property Transfer Tax in 2020 and supports affordable housing in San Francisco as one important aspect of reducing greenhouse gas emissions. After much discussion about the details of Prop I, SFLCV board members could not reach agreement about whether to support or oppose it. We ultimately decided not to make a recommendation but to provide an evaluation of the pros and cons.

Prop I would dedicate a significant amount of funding for affordable housing. Given the severe and persistent shortfall in funding for public housing, that is a very significant benefit. That said,  the very detailed and prescriptive specification of how to use the  proceeds of the tax would be difficult to adjust in light of changed circumstances or new information. In addition, Prop I would take money away from the City’s general fund, where it can be spent on a wide range of pressing City priorities. Establishing new sources of funding that do not divert existing funding away from the general fund would be preferable.