Election 2016: Prop W
Here's what you need to know to decide how to vote on San Francisco's Proposition W.
ICYMI: the 2016 election will be held on Tuesday, November 8, with early voting kicking off at San Francisco’s City Hall on Tuesday, October 11.
In addition to voting for officials at the local, state, and national level, San Franciscans will face a decision on 17 state ballot initiatives and 25 local propositions.
Not sure how to vote on Proposition W? We hope the brief voter guide below will help you decide!
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What Is Prop W?
Prop W would increase the transfer tax on the sale of residential and commercial properties above $5 million.
Specifically, the transfer tax would increase:
- from 2% to 2.25% on sales from $5 million to $10 million
- from 2.5% to 2.75% on sales from $10 million to $25 million
- from 2.5% to 3% on sales of $25 million or more
Who Supports Prop W?
Key supporters of Proposition W include: Ten members of the Board of Supervisors: David Campos, Jane Kim, Norman Yee, Aaron Peskin, London Breed, Malia Cohen, Eric Mar, Scott Wiener, John Avalos and Katy Tang, as well as the San Francisco Democratic Party and the San Francisco Labor Council.
Supporters argue that Prop W would generate $44 million per year through a small increase on the transfer tax paid when luxury homes and expensive commercial properties are sold.
As proponents explained in their official argument submitted in support of Prop W:
“Prop W is very simple: we’re asking those who are doing very well to pay just a little more when they sell luxury properties they own to help improve vital city services and create more opportunity.”
Who Opposes Prop W?
Key opponents of Prop W include: the San Francisco Apartment Association.
Opponents argue that Prop W would target larger buildings, including apartments that house hundreds of rent-controlled tenants and commercial buildings that feed vibrant neighborhoods and house small businesses.
Opponents also point out that all funds raised by the increased transfer tax would flow into the City’s General Fund, “where it is subject to the whims of the San Francisco Board of Supervisors and its budgetary process.”
Learn More about Prop W
To learn more, read the full text of Proposition W.
