Eric Young reports on a "Stop the Flip" ordinance that will appear on the November ballot in San Francisco.
"[The] proposal would impose a steep transfer tax on people who buy and sell multi-unit buildings within a five-year period. The rate starts at 24 percent if the sale takes place in the first year and lowers to 14 percent after five years," reports Young.
"The ballot measure includes exemptions for single-family homes, condos or owner-occupied tenants-in-common units."
As San Francisco has proven time and time again, change is likely to provoke public opposition. In this case: "Opposition is likely to come from property owners. Some opponents also point out that rather than slowing or leveling out property prices the measure could drive up prices if it leads to fewer buildings available for sale."
FULL STORY: Voters could slam S.F. house flippers with major tax
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