Motion ordering submitted to the voters at an election to be held on November 3, 2026, an Ordinance amending the Business and Tax Regulations Code to, beginning March 1, 2027, eliminate the real property transfer tax foreclosure exemption for the transfer of all properties other than the transfer of residential and mixed-use properties with fewer than five residential units, and to make other non-substantive clarifications to the real property transfer tax; and increasing the City’s appropriations limit by the amount of real property transfer tax collected for four years from November 3, 2026.

The Board of Supervisors introduced an initiative ordinance to amend the Business and Tax Regulations Code, eliminating the real property transfer tax foreclosure exemption for certain properties.

The Department of Human Resources was notified to assess the impact of the proposed ordinance and fulfill any 'Meet and Confer' requirements.

The Planning Department provided a response regarding the ordinance's compliance with CEQA requirements.

The Human Resources Department confirmed that the 'Meet and Confer' requirements were fulfilled.

The Budget and Finance Committee amended the ordinance and continued it for further consideration.

The ordinance was scheduled for a committee hearing as part of the legislative process leading up to the November 3, 2026 election.