SF Examiner endorses Propositions G & K!

14 10 2014

From the SF Examiner, by Joshua Sabatini, October 12, 2014:

As rents and evictions have increased in San Francisco, housing has become the top political issue of the year. And voters have a chance to weigh in on measures to address the challenges with a proposal intended to curb real estate speculation and another to encourage below-market-rate construction.

The anti-speculation tax, Proposition G, would tax the sale of multiunit properties bought and then sold within five years. The hope by supporters is that it would curb the practice of developers buying buildings, clearing out tenants and reselling at a profit, or flipping them. The effort comes as evictions are on the rise. Between March 2013 and February, there were 1,977 evictions reported to the Rent Board, a 13 percent increase from the previous year’s 1,757. That includes 216 Ellis Act evictions, up from last year’s 116.

Also on the ballot is Proposition K, which addresses below-market-rate housing. It’s on the ballot as a result of a dispute over whether to mandate that at least 30 percent of all new construction of housing units hit the market as below market rate. It comes as the mayor has established a goal of rehabilitating and constructing 30,000 housing units by 2020. The policy goal is to have more than 50 percent of the units affordable for middle-income households and at least 33 percent affordable for low- and moderate-income households.

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