San Francisco · Tax measure · Nov 3, 2026
Proposition J: Removal of Foreclosure Exemption for Real Property Transfer Tax
Proposition J is on the Nov 3, 2026 ballot in San Francisco. This page summarizes the official documents; every statement links to its source, and we take no position on how you should vote.
The question on your ballot
“Shall the City permanently apply a transfer tax of between 0.5% and 6% of a property’s fair market value, on the transfer of properties such as commercial, industrial, and large residential properties, that are transferred to a lender because of foreclosure or to avoid foreclosure, for estimated annual revenue of $100 million to $150 million?”A YES vote means
For transfers on or after March 1, 2027, the partial foreclosure exemption from the real property transfer tax would be removed for all properties other than certain smaller residential and mixed-use properties.
A NO vote means
A NO vote would not remove the partial foreclosure exemption from the real property transfer tax.
The money
The Controller states the measure could bring an average of $100 million to $150 million annually over the first five years.
The Controller states the total revenue in any given year will be highly dependent on the number of foreclosures and real estate conditions.
The Controller states that in Fiscal Year 2025-26 the proposed ordinance would have generated $232.5 million, and in Fiscal Year 2021-2022 would have generated $3.2 million.
The official arguments
These are the arguments filed with the county for the official voter guide. They are written by their authors, not by the city or by us. We summarize what each says, not whether it is accurate.
Argument in favor
The argument says a 1984 foreclosure tax break for struggling homeowners also goes to corporate lenders acquiring large buildings. It says Proposition J keeps the break for homeowners and small buildings and raises $100 million to $150 million a year.
Signed by Mayor Daniel Lurie; State Senator Scott Wiener; Assemblymember Matt Haney; SEIU 1021; Teamsters 665; Board President Rafael Mandelman; and others as printed
Official Proponent Argument, Proposition J (Dept. of Elections submission)
Argument against
The argument says the measure penalizes foreclosures and deeds in lieu, and no other major California city taxes distressed lenders this way. It says lenders would raise rates or avoid San Francisco, and distressed sales could result.
Signed by Judge Quentin L Kopp; San Francisco Taxpayers Association
Official Opponent Argument, Proposition J (Dept. of Elections submission)
Read the official documents
Neighbor opinions
Where do you stand on Removal of Foreclosure Exemption for Real Property Transfer Tax?
Opinions from people who signed in. Not a poll, not a vote, and not our endorsement. We don't check where anyone lives. Your name is never shown.
Keep going on your San Francisco ballot
- Board of Supervisors, District 2: 4 candidates
- Board of Supervisors, District 4: 3 candidates
- Board of Supervisors, District 6: 2 candidates
- Board of Supervisors, District 8: 4 candidates
- Board of Supervisors, District 10: 10 candidates
- Proposition A: Charter changes affecting various city departments and commissions
- Proposition B: Municipal finance corporation and public bank
- Proposition C: Contributions to the Housing Trust Fund
- Proposition D: Changes to ballot measure process
- Proposition E: City Administrator's authority and changes to city contracting
- Proposition F: Changes to Executive Branch Management
- Proposition G: Allowing Private Vehicles on the Upper Great Highway in Sunset Dunes Park
- Proposition H: Parcel Tax to Fund Muni Operations
- Proposition I: Changes to Real Property Transfer Tax
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- See my ballot plan
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