Real-Estate Interests Raise $2.7 Million Against Prop. I
Opposition groups outspend supporters to block changes to San Francisco's city transfer tax on luxury properties.
Updated on Oct. 29, 2026 in Philanthropy
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Real-estate interests have raised over $2.7 million to oppose San Francisco Proposition I, significantly outpacing the $687,000 gathered by supporters. The ballot measure seeks to dedicate half of the transfer tax from high-value properties toward affordable housing.
Why it matters
The measure would lock in current transfer tax rates for properties worth $10 million or more, preventing city supervisors from adjusting them without voter approval. Opponents argue that this restriction limits future flexibility, while proponents maintain the dedicated funding is essential for affordable housing.
Opponents have secured over $2.7 million in contributions across 73 donors to defeat the measure. Meanwhile, supporters have raised $687,000 to advocate for the policy that would earmark 50% of transfer tax revenue for affordable housing projects.
The players
San Francisco Apartment Association
This organization represents property owners and managers in the city and has donated $211,000 against Proposition I.
Micheal Moritz
A prominent investor who has contributed $200,000 toward the campaign opposing the ballot measure.
Related California
This real estate development firm has donated $200,000 to the effort against the proposed tax changes.
San Francisco Chamber of Commerce
This business advocacy group provided $185,000 in funding to support the opposition to Proposition I.
Dean Preston
A local politician who has personally donated $118,000 to the campaign supporting the passage of Proposition I.
The details
Proposition I mandates that revenue from properties valued at $10 million or more be reserved for affordable housing, a change from current practices. Major donations against the measure include $211,000 from the San Francisco Apartment Association and $200,000 each from Micheal Moritz and Related California.
Timeline
2020: Voters passed the original transfer tax measure.
November 2026: Voters decide on Proposition I.
2028: Proposition C housing fund boost starts.
Market Landscape
This campaign follows a pattern set by the 2020 city transfer tax increase, which also involved significant debate over property tax rates. Proposition I seeks to modify and institutionalize the tax structure established during that previous electoral cycle.
The passage of Proposition I would permanently earmark property transfer tax revenue for affordable housing rather than allowing it to flow into the general fund. This could influence the availability of local housing resources and dictate how future tax adjustments are managed by city officials.
The takeaway
Proposition I highlights the ongoing tension between real-estate stakeholders and affordable housing advocates regarding the use of city tax revenue. Voters must decide whether to prioritize a dedicated housing fund or maintain the current discretion of city supervisors to adjust taxes.
What happens next
Voters will officially cast their ballots on Proposition I during the election in November 2026.
Further reading
For more context on local ballot measures, visit the San Francisco Philanthropy section.
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Should city tax rates be locked in by voters instead of adjusted by local elected officials?
