This ordinance temporarily exempts transfers of specific rent-restricted affordable housing from the real property transfer tax, effective retroactively from April 12, 2024. It also confirms the Planning Department's assessment under the California Environmental Quality Act.
Ordinance amending the Business and Tax Regulations Code to temporarily exempt transfers of certain rent-restricted affordable housing from the real property transfer tax, retroactive to transfers on or after April 12, 2024; and affirming the Planning Department’s determination under the California Environmental Quality Act.
How it got here
The legislation originated from the need to provide financial relief to affordable housing developers in San Francisco, prompted by the passage of Proposition C in March 2024.
Proposition C was approved, allowing the Board of Supervisors to exempt transfers of rent-restricted affordable housing from the real property transfer tax.
Mayor Lurie introduced the ordinance to temporarily exempt transfers of certain rent-restricted affordable housing from the real property transfer tax, retroactive to transfers on or after April 12, 2024.
The ordinance was referred to the Planning Department for a California Environmental Quality Act (CEQA) determination.
The Planning Department determined that the actions contemplated in the ordinance comply with CEQA.
The Budget and Finance Committee recommended the ordinance for passage.
The Board of Supervisors passed the ordinance on first reading.
The Board of Supervisors finally passed the ordinance.
The Mayor approved the ordinance, finalizing its enactment.
Reconstructed from attached documents & the official record
