San Francisco Proposition I — Changes to Real Property Transfer Tax

What it does

Shall the City permanently dedicate half of the transfer tax revenues collected when certain real estate with a value or sales price of more than $10,000,000 changes hands, which will continue to be taxed at rates of 5.5% to 6%, to be spent only on affordable housing, including social housing developments and housing assistance, and exempt certain sales from the dedicated portion of the tax, for an estimated annual revenue decrease of approximately $1 million?

A YES vote means

Half of San Francisco's transfer tax revenue from real estate sales over $10,000,000 (still taxed at 5.5% to 6%) would be permanently set aside for affordable housing, with some sales exempt from that portion, lowering yearly revenue by about $1 million.

A NO vote means

This transfer tax revenue would not be dedicated to affordable housing, and the exemptions would not be added.

Needed to pass

A simple majority: more than half of the YES and NO votes on this measure must be YES. Leaving it blank doesn't count either way.

Left–right lean

Unclear: our AI read of the official summary isn't confident enough (we require 70%) to place this on the left–right spectrum, so we don't. Read the summary and decide for yourself.

The YES and NO lines are SpectrumVote's plain-language reading of the official text above; the official text is what you vote on.

Official text: source

Only on your ballot if you live in the City and County of San Francisco.

Background

According to the Ballot Simplification Council's digest, the City's top real estate transfer tax rates are 5.5% for properties from $10,000,000 to under $25,000,000 and 6% at $25,000,000 or more, and the revenue may be spent for any governmental purpose.

Proposition I would split each rate in half, keeping the same total, and dedicate the new half to affordable housing: at least 60% for production (at least half of that to social housing), at least 25% for acquisition or rehabilitation, and at least 10% for tenant stabilization and homelessness prevention.

City Controller Greg Wagner's statement estimates an overall revenue decrease of about $1 million a year, and says shifting about $120 million a year out of the General Fund would increase the projected General Fund deficit by $120 million annually.

It qualified by citizen initiative petition; the Department of Elections certified on July 23, 2026 that the petition had enough valid signatures (10,644 were required).

Put on the ballot by Citizen initiative petition; certified by the Department of Elections July 23, 2026.

From official source.

Next elections here

• 2028 presidential election · Who has filed so far, from FEC filings

Also on San Francisco County ballots

• San Francisco Proposition A — Charter Changes Affecting Various City Departments and Commissions
• San Francisco Proposition B — Establishing a Municipal Finance Corporation and a Public Bank
• San Francisco Proposition C — Contributions to the Housing Trust Fund
• San Francisco Proposition D — Changes to Ballot Measure Process
• San Francisco Proposition E — City Administrator’s Authority and Changes to City Contracting
• San Francisco Proposition F — Changes to Executive Branch Management
• San Francisco Proposition G — Allowing Private Vehicles on the Upper Great Highway in Sunset Dunes Park
• San Francisco Proposition H — Parcel Tax to Fund Muni Operations
• San Francisco Proposition J — Removal of Foreclosure Exemption for Real Property Transfer Tax

All San Francisco County races and measures →

Quick answers

What does a YES vote on San Francisco Proposition I mean?

Half of San Francisco's transfer tax revenue from real estate sales over $10,000,000 (still taxed at 5.5% to 6%) would be permanently set aside for affordable housing, with some sales exempt from that portion, lowering yearly revenue by about $1 million.

What does a NO vote on San Francisco Proposition I mean?

This transfer tax revenue would not be dedicated to affordable housing, and the exemptions would not be added.

How many votes does San Francisco Proposition I need to pass?

A simple majority: more than half of the YES and NO votes on this measure must be YES. Leaving it blank doesn't count either way.

Should I vote yes or no on San Francisco Proposition I?

SpectrumVote doesn't endorse anyone or tell you how to vote. Read what a YES and a NO vote each do, and the official text, then decide based on what you want to happen.

When is the vote?

The general election was Tuesday, November 3, 2026. Counts are unofficial until each state certifies its results over the following weeks; your state or county election office has the official results.