Real Estate Interests Outspend Proposition I Backers
Opponents have raised $2.7 million to block the 2026 ballot measure that would lock in transfer tax rates.
Updated on Oct. 29, 2026 in Philanthropy
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Real-estate interests have built a significant financial lead in the campaign against Proposition I, which aims to secure transfer tax revenue for affordable housing. Opponents have raised $2.7 million to defeat the measure, while supporters have brought in $687,000.
Why it matters
The measure seeks to lock in the city's current transfer tax rate on high-value property sales to guarantee 50% of proceeds go to affordable housing. Opponents argue the move would strip the Board of Supervisors of the ability to adjust rates, a core tension in how the city manages its revenue.
Opponents have raised $2.7 million to fight Proposition I compared to $687,000 for the proponents, leaving the final impact on the affordable housing fund and city budget unresolved until the November 2026 election.
The players
San Francisco Apartment Association
An industry group representing local rental property owners that has donated $211,000 against the measure.
Micheal Moritz
A notable donor who contributed $200,000 to oppose the campaign.
San Francisco Chamber of Commerce
A business advocacy organization that donated $185,000 against Proposition I.
Dean Preston
A district supervisor who donated $118,000 to support the campaign.
Mayor Lurie
The current mayor who is backing Proposition C to increase affordable housing funding to $125 million by 2028.
The details
Proposition I mandates that half of the transfer tax collected on properties worth $10 million or more be dedicated to affordable housing and prevents future rate changes without voter approval. Key contributors against the measure include the San Francisco Apartment Association, which gave $211,000, and figures like Micheal Moritz and the San Francisco Chamber of Commerce. Supporters, including donors such as Saikat Chakrabarti and Dean Preston, are pushing to bypass the general fund. Voters will decide the proposal's fate in November 2026.
Timeline
2020: Voters approved the initial transfer tax increase.
November 2026: The electorate votes on Proposition I.
Across the Bay
Proposition I seeks to codify the transfer tax structure voters originally approved in 2020. This move would remove the Board of Supervisors' future authority to alter the rate, signaling a departure from previous legislative discretion.
Property owners selling high-value real estate should track the November 2026 results, as the outcome determines if the current transfer tax rate becomes a permanent fixture of city law. Residents interested in how city revenue is earmarked for housing should monitor the upcoming election cycles.
The takeaway
Voters will decide whether to lock in current transfer tax rates in November 2026. Keep an eye on how these funds interact with the separate Proposition C housing targets slated for 2028.
Further reading
Learn more about the local landscape of city giving in our Philanthropy section.
Source note: This article includes information reported by Mission Local.
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