Taxing Property Vacancies

What is happening? This November voters in San Francisco and Berkeley approved a tax on vacant properties. The goal was to tame property speculators and to make more properties available to rent. The tax is aimed directly at “investors who profit from housing without adding to supply. ” San Francisco’s vacancy tax is modeled after Vancouvers which since 2016 has raised more than $86 million for affordable housing programs.

Why is this important? Tax revenues from the vacancy tax in San Francisco will fund rental subsidies for low-income tenants & affordable housing. 

Governing | Cities Like Vacancy Taxes, Despite Mixed Results