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Title:
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Pursuant to Charter, Sections 2.103 and 3.100(7), and Administrative Code, Section 2.11, the Mayor shall answer the following eligible questions submitted from Supervisors representing Districts 1 and 11. The Mayor may address the Board initially for up to five minutes. Discussion shall not exceed five minutes per Supervisor.
1. Mr. Mayor, A recent story on 48 Hills found that 39 percent of condos built since 2000 have absentee owners, and for newer buildings like One Rincon Hill, that number is 50 percent or above. Luxury developments like the Four Seasons residences have more than a 60 percent rate of absentee ownership.
When wealthy people who don’t actually live here buy up San Francisco residential properties, housing prices skyrocket beyond the reach of residents, making the cost of living unaffordable for even middle income people. Not only are these wealthy absentee buyers bidding up housing prices that effectively precludes everyday residents from being able to “keep up” with the exorbitant prices, but these unoccupied units also constrict the supply of housing available to meet the high demand for our City’s growing workforce. And as we know, one factor in high housing prices is the limited amount of new supply available for residents. The San Francisco Business Times reported last year, “With a median home price of $706,300 in San Francisco, someone earning the median income of $74,922 makes 48 percent less money than they need to afford a median-priced home.”
This sort of home owner absenteeism is also bad for neighborhoods and leads to the phenomenon of “zombie neighborhoods” that contain beautiful new luxury units but no residents.
New York State Senator Brad Hoylman who represents part of Manhattan, has announced his intention to introduce a bill that would place a property tax surcharge on luxury homes in New York City owned by nonresidents. This kind of “pied-à-terre tax” would address a very real problem that arises when a significant number of homes are bought by wealthy out-of-towners for the simple purpose of a place to stay on occasion, as an investment, or as a hedge against market swings.
I am beginning to research legislation to address this critical problem of newly built housing that is unoccupied, can I count on your support in helping to address the issue of residential real estate hoarding by out of town buyers? (Supervisor Mar, District 1)
2. Mr. Mayor, I am pleased to read about your expressing outrage about Central Intelligence Agency (CIA) torture. What is your sense of outrage at the affordability crisis that is harming working families in San Francisco? What else can you do to make a measurable impact on the affordability housing crisis? I have called for a hearing to consider new funding options for our housing crisis. What are some of the proposals we can expect to collaborate on with your office of housing? (Supervisor Avalos, District 11)
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