The San Jose City Council has placed a real estate transfer measure on the March 3, 2020 presidential primary to address the growing crisis of homelessness and housing insecurity in the City. With the loss of key resources for affordable housing in recent years, the City has limited funding to respond.
What is the Real Estate Transfer Tax Measure?
The measure would increase the real estate transfer tax for properties that exceed $2 million in value, resulting in an estimated $50 million annually for the development of new affordable housing and for homeless prevention. This tax is only assessed upon the sale of new property, so is a one-time expense.
Why a Real Estate Transfer Tax?