This is a ticking time bomb that will destroy the housing market..................
Exactly.
Because San Francisco is so geographically small, at about 40 square miles, it has a unitary city and county government. Here in CA, property tax revenue goes to the county. So in addition to the plummeting sales tax revenue for SF, I guess the voters want to take a nice big hit on property tax, too
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.