# Board of Supervisors Minutes: July 19, 2016 - Meeting date: 2016-07-19 - Document type: minutes - Source format: PDF - Extracted pages: 46 - [Canonical HTML transcript](https://sfbos.info/documents/363/2016-07-19-minutes) - [Authoritative City source](https://sfgov.legistar.com/View.ashx?M=M&ID=499753&GUID=89E40960-50AB-407A-9170-A21956C2E116) > This text was extracted for search and accessibility. The linked City source is the authoritative public record. ## Structured legislative records ### File 160803: Hearing - Initiative Ordinance (File No. 160604) - Business and Tax Regulations Code - Increase Real Property Transfer Tax on Properties of At Least $5,000,000 - Pages: 28-29 ### File 160604: Initiative Ordinance - Business and Tax Regulations Code - Increase Real Property Transfer Tax on Properties of At Least $5,000,000 - Pages: 29 - Sponsors: Kim; Campos, Peskin, Mar, Avalos and Yee - Vote 1: approval, likely final - Action: 160604 [Initiative Ordinance - Business and Tax Regulations Code - Increase Real Property Transfer Tax on Properties of At Least $5,000,000] Sponsors: Kim; Campos, Peskin, Mar, Avalos and Yee Motion ordering submitted to the voters, at an election to be on held November 8, 2016, an ordinance amending the Business and Tax Regulations Code to increase the Real Property Transfer Tax rate from 2% to 2.25% on properties with a consideration or value of at least $5,000,000 and less than $10,000,000; from 2.5% to 2.75% on properties with a consideration or value of at least $10,000,000 and less than $25,000,000; and from 2.5% to 3% on properties with a consideration or value of at least $25,000,000, and to clarify the application of the Real Property Transfer Tax to transfers of ownership interests in legal entities; and increasing the City’s appropriations limit by the amount of the tax increase for four years from November 8, 2016. Motion No. M16-092 APPROVED by the following vote: - Ayes: Avalos, Breed, Campos, Cohen, Kim, Mar, Peskin, Tang, Wiener, Yee - Noes: Farrell ### File 160557: General Obligation Bond Election - Amending Earthquake Loan Bond Program to Finance Permanent Affordable Housing - $350,000,000 - Pages: 29-30 - Sponsors: Peskin; Breed - Vote 1: adoption, likely final - Action: 160557 [General Obligation Bond Election - Amending Earthquake Loan Bond Program to Finance Permanent Affordable Housing - $350,000,000] Sponsors: Peskin; Breed Resolution determining and declaring that the public interest and necessity demand the acquisition, improvement and rehabilitation and conversion of “at-risk” multi-unit residential buildings to permanent affordable housing and performing needed seismic, fire, health, and safety upgrades, and other major rehabilitation for habitability, to be financed through bonded indebtedness in an amount not to exceed $350,000,000; providing for the levy and collection of taxes to pay both principal and interest on such bonds; setting certain procedures and requirements for the election; adopting findings under the California Environmental Quality Act; and finding that the proposed bond is in conformity with the General Plan, and the eight priority policies of Planning Code, Section 101.1. (Fiscal Impact) Supervisor Breed requested to be added as a co-sponsor. Resolution No. 311-16 ADOPTED by the following vote: - Ayes: Avalos, Breed, Campos, Cohen, Farrell, Kim, Mar, Peskin, Tang, Wiener, Yee ## Extracted text ### [Page 29](https://sfbos.info/documents/363/2016-07-19-minutes#page-29) Board of Supervisors Meeting Minutes 7/19/2016 160604 [Initiative Ordinance - Business and Tax Regulations Code - Increase Real Property Transfer Tax on Properties of At Least $5,000,000] Sponsors: Kim; Campos, Peskin, Mar, Avalos and Yee Motion ordering submitted to the voters, at an election to be on held November 8, 2016, an ordinance amending the Business and Tax Regulations Code to increase the Real Property Transfer Tax rate from 2% to 2.25% on properties with a consideration or value of at least $5,000,000 and less than $10,000,000; from 2.5% to 2.75% on properties with a consideration or value of at least $10,000,000 and less than $25,000,000; and from 2.5% to 3% on properties with a consideration or value of at least $25,000,000, and to clarify the application of the Real Property Transfer Tax to transfers of ownership interests in legal entities; and increasing the City’s appropriations limit by the amount of the tax increase for four years from November 8, 2016. Motion No. M16-092 APPROVED by the following vote: Ayes: 10 - Avalos, Breed, Campos, Cohen, Kim, Mar, Peskin, Tang, Wiener, Yee Noes: 1 - Farrell COMMITTEE REPORTS Recommendations of the Budget and Finance Sub-Committee 160557 [General Obligation Bond Election - Amending Earthquake Loan Bond Program to Finance Permanent Affordable Housing - $350,000,000] Sponsors: Peskin; Breed Resolution determining and declaring that the public interest and necessity demand the acquisition, improvement and rehabilitation and conversion of “at-risk” multi-unit residential buildings to permanent affordable housing and performing needed seismic, fire, health, and safety upgrades, and other major rehabilitation for habitability, to be financed through bonded indebtedness in an amount not to exceed $350,000,000; providing for the levy and collection of taxes to pay both principal and interest on such bonds; setting certain procedures and requirements for the election; adopting findings under the California Environmental Quality Act; and finding that the proposed bond is in conformity with the General Plan, and the eight priority policies of Planning Code, Section 101.1. (Fiscal Impact) Supervisor Breed requested to be added as a co-sponsor. Resolution No. 311-16 ADOPTED by the following vote: Ayes: 11 - Avalos, Breed, Campos, Cohen, Farrell, Kim, Mar, Peskin, Tang, Wiener, Yee City and County of San Francisco Page 594 Printed at 10:04 am on 10/26/16