Prop M in San Francisco is a proposed tax aimed at property owners who leave available rental units vacant for more than six months. Here's what to know.
The tax revenue raised from Measure M would be split between paying rent subsidies for elderly or needy families and a new fund to buy unused buildings for housing.If Measure M works in San Francisco the way it did in Vancouver, he said the city should see a drop in vacancy rates.
"The folks behind this tax will be 100% happy if what happens is the city doesn't collect a dime, because what it does instead is activates tens of thousands of homes for people who need homes,” said Preston. There are a few exceptions to the tax, including long grace periods for buildings that may need to be vacant for a while because of repairs, like water damage at 33 Tehama or fire damage at 901 Divisadero.
But opponents of Measure M say it's a poorly written proposal that could have unintended consequences for some property owners. "The owner of a small TIC, the affordable housing opportunity for property owners, could be subject to the tax if they live in the unit full time, if one of the other occupants doesn't. It's a major problem,” said Charley Gross of the San Francisco Apartment Association.But the major concern for San Francisco Apartment Association members is the possibility of a new tax at a time when they're still unsure about the city rebounding from the pandemic.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Former San Francisco Giants player says yes on Prop JPence, who played in San Francisco from 2012 to '18 and returned to the team for a brief stint in '20 before retiring from a 14-year career, splits his time between San Francisco, Southern California and Texas.
Weiterlesen »
Hillary Clinton visits San Francisco to campaign for Prop 1 abortion rights amendmentFormer Secretary of State Hillary Clinton made a visit to San Francisco Thursday to campaign for Proposition 1, an effort on the November 8th ballot, that would amend California's constitution to include an individual's right to have an abortion and choose or refuse contraceptives.
Weiterlesen »
Hillary Clinton Attends Prop 1 Event in San FranciscoFormer senator and presidential candidate Hillary Clinton was in San Francisco Thursday as she attended an event for California Proposition 1.
Weiterlesen »
The best things to do in the San Francisco Bay Area for HalloweenHave no fear — this guide offers a little bit of everything.
Weiterlesen »
Friday Digest: High-rise would be Oakland's tallest; Salesforce layoffs, hiring freeze - San Francisco Business TimesMeanwhile, the Port of Oakland is showing no signs of recovery and instead continues to decline.
Weiterlesen »
This $30 burger tastes like the death of San FranciscoThis burger exemplifies the bourgeois-ification of San Francisco.
Weiterlesen »