San Francisco Treat: Taxing the Rich To Pay For JuCo

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San Francisco Treat: Taxing the Rich To Pay For JuCo

Feb, 15th 2017

The city will pay for it by taxes on properties selling for more than $5 million.

The real estate transfer tax, as it's called, was increased last year for both residential and commercial properties. The hike was approved by voters in November.

The tax starts at 2.25% and goes up to 3% for properties worth at least $25 million. It's expected to bring in an average of $45 million a year, according to the city controller. But the money goes into the city's general fund and is also expected to be used for affordable housing and senior support services.

The free tuition plan is expected to impact about 28,000 residents who...

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