PROP J ENDS THE UNFAIR TAX BREAK FOR CORPORATE LENDERS

Right now, corporate lenders are taking advantage of a tax break that was meant for struggling homeowners. And it’s draining the fund we use to pay for our firefighters, street cleaners, and public health workers.

In 1984, to protect San Francisco families who were financially struggling, the city created a tax break for homeowners who couldn’t pay their mortgage and would lose their homes to foreclosure. But the same tax break is also being given to financial institutions and corporate lenders when they acquire office towers, mega apartment complexes, and industrial buildings through foreclosure. 

That’s not fair, and it’s costing San Francisco hundreds of millions of dollars. 

Written by Supervisor Bilal Mahmood and Mayor Daniel Lurie, Proposition J will raise between $100 million and 150 million every year for our general fund. It keeps the tax break for homeowners and small residential buildings, but makes sure that corporate lenders can’t take advantage of this tax relief meant for struggling San Francisco families.

Our city is dealing with a budget shortfall, and we are
facing cuts to city services. Prop J helps close that
gap by ending a giveaway to corporate lenders
that are foreclosing on our residents.