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The attack on Prop 13 should be next….from the sfgate.com:

http://www.sfgate.com/politics/article/Tax-to-brake-S-F-real-estate-speculation-headed-5558857.php

Supervisor Eric Mar and tenant activists unveiled a ballot measure Tuesday that would impose a steep tax on investors who sell an apartment building within five years of buying it, a proposal they said is aimed at reigning in real estate speculators who are helping to drive up housing prices by flipping rental properties.

The “anti-speculation” tax, which would apply solely to smaller, rent-controlled, multi-unit buildings, will join several other housing measures on an already-crowded November ballot. It asks voters to approve a graduated tax that decreases the longer an owner holds onto a property – starting at 24 percent of the selling price if a building is sold within a year of purchase, falling to 14 percent at five years and disappearing in the sixth year.

The measure exempts single-family homes, condos, owner-occupied tenancies in common, properties not being sold at a profit, new construction, properties being turned into affordable housing, and buildings with more than 30 units.

“This is a serious situation we are in – the unstable housing costs in the city, even the average cost of a rental unit is so out of whack right now and it’s driven … by wealthy, powerful interests who are flipping apartment buildings and making a lot of money quickly,” said Mar. “This will slow down or stop the flipping by greedy speculators, help ensure more of a balance of housing in the city, and hopefully address the out-of-whack, super increase in apartment rental prices right now.”

http://www.sfgate.com/politics/article/Tax-to-brake-S-F-real-estate-speculation-headed-5558857.php

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