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San Francisco voters back Prop. M, a vacancy tax on landlords
sfgate.com ^ | 11/14/22 | Alex Shultz

Posted on 11/15/2022 6:00:56 AM PST by AbolishCSEU

Almost a week after the midterm elections, San Francisco's Proposition M, a vacancy tax on landlords, is projected to pass. The San Francisco Chronicle called the race Monday afternoon. (SFGATE and the San Francisco Chronicle are owned by Hearst but operate independently of one another.)

The ballot measure is a warning shot at landlords who are sitting on multiple vacant units, but it includes some notable carve-outs that critics say will blunt its impact. Starting on Jan. 1, 2024, property owners with at least three units that have been vacant for more than 182 days (six months) will be taxed between $2,500 and $5,000 per empty unit. In ensuing years, that penalty will increase to as much as $20,000 per empty unit. The penalty money collected will go to a housing activation fund, which will subsidize affordable housing, including for individuals over the age of 60 in the city.

Single-family homes are exempt from the vacancy tax, as are landlords with only two empty units. Out of roughly 40,000 empty units in the city, the San Francisco Controller's Office estimates that 4,000 units are likely to qualify for the vacancy tax. One of the leading proponents of Prop. M, District 5 Supervisor Dean Preston, lauded its passage.

(Excerpt) Read more at sfgate.com ...


TOPICS: Business/Economy; Government; News/Current Events; US: California
KEYWORDS: landlord; propm; rent; tax; tenant; vacancy; vacant
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https://www.youtube.com/watch?v=_NrfND5KGtk

Property owners will just form a "trade" of sorts with leases filled out with each other for a nominal annual fee. I live in upstate NY and it EASILY takes me 2 months to find a tenant who isn't a complete bum/criminal.

1 posted on 11/15/2022 6:00:56 AM PST by AbolishCSEU
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To: AbolishCSEU

https://m.youtube.com/watch?v=qnpATXvwWrI


2 posted on 11/15/2022 6:03:45 AM PST by Roccus (First we beat the Nazis........then we defeated the Soviets....... Now, we are them.)
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To: AbolishCSEU

This is a ticking time bomb that will destroy the housing market..................


3 posted on 11/15/2022 6:04:14 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: AbolishCSEU

I suspect a lot of these units are upper end rentals where just lowing the monthly rents threatens breaking even with current inflation rates. As well as the target market being fairly tight to start with.


4 posted on 11/15/2022 6:07:46 AM PST by BBQToadRibs2
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To: Roccus; AbolishCSEU

The Beatles Taxman

https://m.youtube.com/watch?v=CAcp83s1KN8


5 posted on 11/15/2022 6:09:20 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spiritIq)
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To: AbolishCSEU

Property owners do not own their property, it seems.


6 posted on 11/15/2022 6:09:22 AM PST by ClearCase_guy (We are already in a revolutionary period, and the Rule of Law means nothing. )
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To: AbolishCSEU

7 posted on 11/15/2022 6:10:22 AM PST by csvset (tolerance becomes a crime when attached to evil)
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To: AbolishCSEU

Next step will be to force landlords to rent to any derelict that the state wants housed. The rent will be what the state mandates. Good luck collecting.


8 posted on 11/15/2022 6:10:32 AM PST by dynachrome (“We cannot save Ukraine by dooming the US economy.” Rand Paul)
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To: AbolishCSEU

Vacancy tax…..

So the landlines can write off no rent as a business loss and then the tax on tip of that.

He/she won’t be paying any taxes. Everything will be written off.


9 posted on 11/15/2022 6:13:27 AM PST by qaz123 (F)
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To: dynachrome

I think they’ve done that in several areas...Portlandia and LA come to mind. Also some places in NY.


10 posted on 11/15/2022 6:13:50 AM PST by AbolishCSEU (Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
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To: qaz123

They’ll configure the local tax return not to be able to use the “vacancy tax” as a write off.


11 posted on 11/15/2022 6:14:46 AM PST by AbolishCSEU (Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
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To: AbolishCSEU

This is a joke…. A place with some of the most insane rents in the country just made sure rents will go up even more next year…. Idiots.


12 posted on 11/15/2022 6:16:04 AM PST by HamiltonJay
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To: qaz123

Everything will be written off

And the owners equity will still be going up $10,000 a month.


13 posted on 11/15/2022 6:17:44 AM PST by Jolla
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To: AbolishCSEU

Fine. Pull out every cent of equity and then turn every unit into Section 8. Live off the very same government parasites and, in turn, destroy every neighborhood.

Miss IT hipster voted for it. Fine. Welcome your new Section 8 neighbors from some 3rd world country. And they can’t complain about them because they’d be immigrant-phobic

Sword cuts both ways.


14 posted on 11/15/2022 6:23:18 AM PST by qaz123 (F)
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To: dynachrome

Los Angeles is considering doing just that, except with hotels.


15 posted on 11/15/2022 6:25:50 AM PST by Michael.SF. ( The problem today: people are more concerned about feelings than responsibility)
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To: AbolishCSEU

I notice that they carved out Single Family Dwellings

You have to have serious money to afford to live in a single family unit in The City By the Gay.

They know Progressive voters won’t tolerate the dirty people living next door to them.


16 posted on 11/15/2022 6:26:12 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spiritIq)
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To: qaz123

17 posted on 11/15/2022 6:27:42 AM PST by budj (Combat vet, second of three generations.)
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To: AbolishCSEU

>>Property owners will just form a “trade” of sorts with leases filled out with each other for a nominal annual fee.

Exactly, a one-day lease with a trusted legal entity on a vacant property every 5 months easily gets around this law.


18 posted on 11/15/2022 6:28:03 AM PST by vikingd00d (chown -R us ~you/base)
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To: Red Badger

Exactly.


19 posted on 11/15/2022 6:28:40 AM PST by rrrod (6)
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To: AbolishCSEU
They’ll configure the local tax return not to be able to use the “vacancy tax” as a write off.

If they do that, then imagine a trusted individual that moves from apartment to apartment, renting them for a couple of weeks or one month, leaving it clean after the rental. Over a year the individual can cause one or two dozen apartments to be rented and therefore be exempt from such a tax. In exchange, the rent could be reduced.

20 posted on 11/15/2022 6:30:40 AM PST by 17th Miss Regt
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