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.
This is a ticking time bomb that will destroy the housing market..................
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.
Property owners do not own their property, it seems.
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.
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.
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.
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.
>>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.
So SF wants to emulate the “bombed-out” NYC look of the 1970s.
Wow, gee...sorry SF taxman, my building just burned to the ground. Oh well, I’ll just take the insurance money and turn the land into a parking lot for $150/mo per space.
FRUITS AND NUTS AND IMBECILES
is this even legal?
As of July the average rent in SF is $3,397 for a 740. Sq Ft apartment
I don’t see how anyone can think that putting a tax on vacancy can solve the problem of homelessness in a housing market that is that inflated.
A land lord is not going to rent a unit at a huge loss and stay in business
By contrast the average rent in Cleveland Ohio is $1,227 for 807 Sq Ft.
A little at a time they dilute the meaning of “private property.” Soon the collectivity will own it all and no one will have noticed. And that will be communism A LA USA.
Might as well burn them down because Democrats are going to take them anyway.
Expect a lot of these to be “under construction” for a long time and then miraculously “all ready to go” just before a tenant moves in.
Sign a one day lease with your cousin every 6 months...
The penalty money collected will go to a housing activation fund.
aka hobo towns that become no go zones.
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.
Puts me in mind, sorta, of the UK's bedroom tax...