Ordinance amending the Business and Tax Regulations Code to reduce the real property transfer tax rates from 5.5% to 3% when the consideration or value of the interest or property conveyed is at least $10,000,000 but less than $25,000,000; and from 6% to 3% when the consideration or value of the interest or property conveyed equals or exceeds $25,000,000 for transfers of certain properties with at least 12% rent-restricted affordable units, that were constructed using union labor, and had a debt or equity investment of at least $25,000,000 from a union pension fund at the time of the transfer; and affirming the Planning Department’s determination under the California Environmental Quality Act.

Voters approved Proposition C, allowing the Board of Supervisors to exempt transfers from all or any part of the transfer tax, prompting the need for this ordinance.

The Mayor's Office referred the proposed ordinance to the Planning Department for CEQA determination and other necessary reviews.

The Planning Department determined that the ordinance complies with the California Environmental Quality Act, confirming no significant environmental impact.

The Budget and Finance Committee recommended the ordinance for passage, highlighting its potential to increase affordable housing supply.

The Board of Supervisors passed the ordinance on first reading, moving it closer to final approval.

The Board of Supervisors finally passed the ordinance, solidifying the tax reductions for qualifying property transfers.

The Mayor approved the ordinance, officially enacting the tax reductions for union labor-built and union pension fund-financed housing.