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Proposition J · San Francisco · Nov 3, 2026

Removal of Foreclosure Exemption for Real Property Transfer Tax

Removes the partial foreclosure transfer-tax exemption for specified commercial and larger residential properties.

At a glance

Tax change
Does it raise taxes?
Yes, for some. Ends the transfer-tax exemption for foreclosures of large commercial properties; homes with 5 or fewer units stay exempt. Up to $150 million a year.
Estimated cost or revenue
Controller estimates average additional revenue of $100 million–$150 million annually over the first five years.
Who pays
Covered transfers to lenders through foreclosure or in lieu of foreclosure.
Where the money goes
City revenues available for governmental purposes.
How long
Permanent, beginning March 1, 2027; associated spending-limit increase lasts four years.

Worth knowing: Highly cyclical and unpredictable: revenues may decline substantially as distressed transfers decrease, with some years generating almost no new revenue.

From the San Francisco Ethics Commission and the state’s fiscal analysis. Estimates are the state’s, not ours.

Your choice

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What your vote does

✓ A Yes vote means

Taxes covered transfers to lenders at full market value starting March 1, 2027, including deeds in lieu of foreclosure.

× A No vote means

Keeps the current partial exemption.

Stays the same either way

Specified single-family, small residential and qualifying small mixed-use properties retain the exemption.

How the money works

TypeTax change
Rate or thresholdExisting transfer-tax rates of 0.5%–6% applied to full fair market value for covered properties.

Cost, who pays and where the money goes are in “At a glance” above.

What your guides say

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Why they disagree

Supporters say

Closes a loophole that benefits corporate lenders. It applies to office towers and large commercial buildings, not new housing or small owners, and raises money during a budget shortfall.

Official argument for (summary)
Opponents say

Penalizes lenders for taking back collateral, which no other major California city does, risking higher interest rates and less lending. The money isn't dedicated to anything.

Official argument against (summary)

Summaries of each side. Read the full official arguments in the San Francisco voter pamphlet. Read the full official arguments

Read the official digest, fiscal statement and legal text for qualifications and exceptions.

Who’s funding it

Campaign funding by contest

Selected official disclosures, not complete election totals. Each filing lists its reporting period. Missing records do not mean no money was raised.

Supporting

Tax Foreclosures, Yes on J

$207,500 monetary contributions, year to date through Oct 28, 2026

Latest filing period: Oct 18, 2026–Oct 28, 2026

Reported cash received
$0
Reported cash spent
$43,581.50
Filed Oct 30, 2026. Original filing; current version for this reporting period when checked.

Largest contributors in the imported records

Sep 20, 2026–Oct 17, 2026

  1. SF FORWARD SPONSORED BY SAN FRANCISCO CHAMBER OF COMMERCE$25,000
  2. MICHAEL MORITZ$25,000
  3. YES ON D - STAND UP FOR SF SPONSORED BY LABOR ORGANIZATIONS$7,500

Gross itemized monetary contributions from the imported filing periods only; refunds are shown separately in the ledger. These amounts are part of reported receipts; do not add them to the filing totals.

Opposition: no committee filing records loaded for this side in this snapshot.

Follow the money, with context.

A contribution shows a financial relationship. It does not prove motive, control, or a promised outcome.

Limited filing snapshot

Proposition J · 2026-10-18–2026-10-28, filed 2026-10-30. 3 selected itemized records; this is not a complete current fundraising total. Operating expenses describe the committee’s alignment; only explicitly attributed records establish spending on a contest.

Contributions received$57,500
Campaign expendituresUnavailable
Independent expendituresUnavailable
LoansUnavailable
RefundsUnavailable
Committee transfersUnavailable
Loan repaymentsUnavailable

Gross amounts in selected imported records only. Each source documents its reporting period and amendment status. These are finite snapshots, not complete current campaign totals; categories are separate and must not be added together as new money. Transfers are excluded from contributions. Refunds shown separately. Currency: USD.

Reported transactions · 3 records
Donor / payeeAmountTypeDateCommittee / sideFiling
SF FORWARD SPONSORED BY SAN FRANCISCO CHAMBER OF COMMERCE$25,000Contributions receivedItemized monetary contribution received, Form460 ScheduleA.Oct 13, 2026Tax Foreclosures, Yes on J · supportFiled Oct 22, 2026
YES ON D - STAND UP FOR SF SPONSORED BY LABOR ORGANIZATIONS$7,500Contributions receivedItemized monetary contribution received, Form460 ScheduleA.Oct 14, 2026Tax Foreclosures, Yes on J · supportFiled Oct 22, 2026
MICHAEL MORITZ$25,000Contributions receivedItemized monetary contribution received, Form460 ScheduleA.Oct 15, 2026Tax Foreclosures, Yes on J · supportFiled Oct 22, 2026

Reported filing summaries

Separate from the itemized table above. Do not add these amounts to transaction totals. These are selected filings; later amendments and reports may exist.

Tax Foreclosures, Yes on J

support · 2026-10-18 to 2026-10-28

Reported period cash receipts
$0
Reported period cash disbursements
$43,581.50

Reported Form460 summary for this filing period only: cash receipts line13; cash payments line15. Calendar-year contributions line5 and expenditures line11 are separate reported figures, not added to itemized records. FiledOriginal, version 1; Most Recent (synched 2026-10-31).

Official disclosure resources

Sources

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