Occupy the Auctions / Evictions – Stop predatory and for-profit evictions, foreclosures, and auctions in San Francisco and beyond
The Foreclosure Fairness Initiative – Holding Our Banks Accountable
Last week, along with Supervisor John Avalos, I (Phil Ting) announced the Foreclosure Fairness Initative, which is designed to close a glaring loophole in our transfer tax law.
As most of us know, when we sell our homes we pay a transfer tax to the city. Businesses also pay this tax when they sell commercial property. This transfer tax has been a growing part of our tax revenues, and I’m proud my Office has made collection of these fees fairer and more effective with programs like our investigations to find more big companies that had been avoiding paying these fees.
But as hard as it is to believe, under current city law, banks are exempt from paying this transfer tax when they foreclose on a home. Under this new initiative, the banks would have to pay the same transfer tax the rest of us pay when we sell a home or property.
By closing this loophole, the Foreclosure Fairness Initiative will give banks a greater incentive to pursue loan modifications that keep residents in their homes, so they can continue making payments on their property and prevent widespread property devaluation.
Motion ordering submitted to the voters an ordinance authorizing the “Ordinance
4 amending the San Francisco Business and Tax Regulations Code, Article 12-C, Real
5 Property Transfer Tax, by repealing Section 1108.2 to eliminate the foreclosure
6 exemption and amending Section 1103 to relieve foreclosed homeowners from tax
7 liability” at an election to be held on November 6, 2012.
San Francisco Foreclosure Fairness Ordinance Press Conference:
Link: Text of Foreclosure Fairness Ordinance (proposed)
Supervisor John Avalos and Assessor-Recorder Phil Ting announce Ballot Initiative to Make Banks Pay Their Fair Share and Keep Homeowners in Their Homes
WHO: Supervisor John Avalos
Assessor-Recorder Phil Ting
WHAT: Announcing the Foreclosure Fairness Ordinance eliminating a transfer tax exemption given to banks and lenders, this ordinance aims to make banks and lenders pay their fair share of taxes and to help keep homeowners in their homes.
WHEN: Monday, June 4th, 2012, 12:00pm, noon
WHERE: City Hall, Polk Street Steps
1 Dr. Carlton B. Goodlett Place
San Francisco, CA 94102