San Francisco to pass 24% Transfer Tax on "Speculator"
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Poast new message in this thread
Date: October 23rd, 2014 1:45 AM Author: flatulent boyish base
My main issue is the exemption if you lived there "at least one year immediately preceding the conveyance".
What happens if I get fired from a job in SF after living in SF for a couple years, get a job elsewhere while I rent out my place in SF, and then decide to sell my house? Assume I was renting while working the new job in a different city.
The tax is insanely punitive but it also seems pretty narrowly tailored. It exempts single family units and condos, so it really only hits investment properties. It seems like it's designed to discourage companies that specialize in kicking out people under rent control (i.e. I own a complex with 10-20 units but I don't have the stomach to deal with all the ppl under rent control; a company comes in, cleans up house, and then re-sells it to yet another company).
The real issue is that rent control should be banned.
(http://www.autoadmit.com/thread.php?thread_id=2706820&forum_id=2#26569631) |
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