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Supervisor @bilalmahmood and Mayor @DanielLurie, my humble proposal for transfer tax reform:
1) exempt all new construction
2) change it so it's on marginal dollars above a certain threshold, not a sudden fiscal cliff that creates weird distortions
3) raise rate on mansions
Replying to @CSElmendorf
Is there a "revenue neutral" transfer tax reform? Almost surely.
- Instead of cutting the rate uniformly, SF could (1) cut it just on sales of newly constructed housing (sale w/in X years of COO), (2) rebate it otherwise if property gets developed w/in a few years of sale.
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