Oakland Measure FF Foreclosure Tax on Big Banks Passing With 79%

Measure FF had 56,505 yes votes (79.2%) to 14,753 no, according to KQED. ABC7 showed 79% yes.

The measure amends Oakland's Real Property Transfer Tax Ordinance by removing the foreclosure exemption for large financial institutions and investors. Smaller banks with less than $10 billion in assets, homeowners, and companies converting offices to affordable housing remain exempt. KQED says the city estimates it could raise up to $13 million.

Supporters argued it closes a loophole benefiting big corporations, could encourage lenders to work with struggling owners, and gives the city revenue that rises in downturns. Opponents said the exemptions are vague and the plan needed more vetting.

San Francisco voters approved a nearly identical change, Prop J, with about 79% yes, according to NBC Bay Area.

All results are unofficial election-night and early-morning counts as of Wednesday, Nov. 4. Counties keep counting mail and provisional ballots for days, and certification comes later, so margins can shift, especially in close contests.