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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

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To: AbolishCSEU

Or they can just perform a little magic in their accounting system and designate the vacant unit an “office”, “maintenance room”, “storage”, “janitor’s apartment”, etc. Those don’t count towards vacancy and the city of San Fransisco can’t stop landlords from saying every single vacant unit is a non-revenue unit. Their lender might stop them, but the city can’t.


41 posted on 11/15/2022 8:22:36 AM PST by Boogieman
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To: Red Badger

Nah, it’s unenforceable. If they did try to enforce it, they’d have to set up another giant bureaucracy to audit every landlord’s rent rolls every month, which even the banks who have a financial interest to protect don’t do. And any landlord with an ounce of creativity will never pay a cent of these fines.


42 posted on 11/15/2022 8:25:08 AM PST by Boogieman
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To: GOPJ

“Is this where John Pelosi lives?”

They probably refer to him as a “John” in the red light district but I think his real name is Paul Pelosi.


43 posted on 11/15/2022 8:26:54 AM PST by Boogieman
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To: AbolishCSEU
Related...

aaaaa

Puts me in mind, sorta, of the UK's bedroom tax...

44 posted on 11/15/2022 8:38:31 AM PST by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: AbolishCSEU
Related...

San Francisco voters back Prop. M, a vacancy tax on landlords

45 posted on 11/15/2022 8:39:00 AM PST by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: Boogieman

That’s what the armed 87K new IRS agents are for.


46 posted on 11/15/2022 9:39:21 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

Up to $20k/year vacancy tax? Umm…

$20k/12 = $1,667/month

Typical rent in SF? $4k/mo?

So, at peak penalty, the landlord/owner is paying a vacancy tax equal to 1/3 month rent each month to keep a $4k/month unit off of the market. Even less (as a percentage) if the unit rents for more. At $500, the monthly charge is $42/month.


47 posted on 11/15/2022 9:52:28 AM PST by Captain Rhino (Determined effort today forges tomorrow.)
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To: Captain Rhino

Oops! Dropped a “0” in that last calculation:

At $5k, it is $417/month.


48 posted on 11/15/2022 9:55:52 AM PST by Captain Rhino (Determined effort today forges tomorrow.)
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To: AbolishCSEU

.........as a full time developer for over 40 years, I can guarantee that “NEW” projects will just STOP.

In some cases, construction already under way will just STOP.

Even in the best of time for landlords, and I once owned hundreds of units, owning, maintaining, renting of living units is no cakewalk.

We had a saying with respect to apartments....”if it has a bed in it, forget it” and develop/build something else.


49 posted on 11/15/2022 10:14:37 AM PST by Cen-Tejas
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To: vikingd00d

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

How about being a professional ‘leaser’?

One month, or a couple of weeks at a time.

Rotate regularly. You can have continuous housing.


50 posted on 11/15/2022 10:25:12 AM PST by Scrambler Bob (My /s is more true than your /science (or you might mean /seance))
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To: Cen-Tejas

You’re not wrong. We still have a couple of recently rehabbed (by us) duplexes and an SFH. If Queen Hochul and Tish “Peekaboo” James get any worse, we will seriously consider a 1031 exchange in a southern red state.


51 posted on 11/15/2022 1:48:01 PM PST by AbolishCSEU (Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
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To: Boogieman

LOL - he’s a john...


52 posted on 11/15/2022 3:31:29 PM PST by GOPJ ( Networks need camera crews in black communities too. Watch turnout and comments. Harlem? Chicago? )
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To: AbolishCSEU

...........in the mid eighties, the Resolution Trust Corporation) (feds) CLOSED 747 insolvent Saving’s and Loans nationwide with total assets of 394 billion dollars.

Every Friday, for a year or two, thousands of houses in our local area were posted for sale on the back page (in real small font to get them all on the page) of the front section of our local newspaper. Generally speaking, the houses originally sold years earlier for in the 150 range. RTC foreclosed on all of them and realtors sold them for “in the TWENTIES”. RTC paid the realtors a full 6% commission too for each sale.

RTC still operates and it’s history proves beyond all doubt what CAN HAPPEN in the real estate market.


53 posted on 11/16/2022 6:10:08 AM PST by Cen-Tejas
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