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Title:
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Hearing to consider the proposed Initiative Ordinance submitted by the Mayor to the voters for the March 5, 2024, Election, entitled "Ordinance amending the Business and Tax Regulations Code to exempt from the real property transfer tax the first transfer of property that has been converted from nonresidential to residential use and to authorize the Board of Supervisors to amend or repeal any aspect of the real property transfer tax, including adopting additional exemptions from the tax, without voter approval to the extent constitutionally permitted; and amending the Planning Code to allow square footage of office space that is converted to non-office use or demolished to be available for allocation to office developments of at least 50,000 square feet in gross floor area, and to allow demolished office space that is preexisting on a site to be deducted from the required allocation for an office development on that same site."
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