A run of eight-figure home sales is helping San Francisco's budget. The city had 34 residential sales above $10 million in the year that ended this summer, up from 19 a year earlier, according to Compass data cited by the SF Standard.
Why it matters: Transfer taxes are a volatile but growing revenue source, and they are on the Nov. 3 ballot through Props I and J. See our Election 2026 guide.
The numbers
Since Prop I passed in 2020, sales between $10 million and $25 million are taxed at 5.5%, and sales over $25 million at 6%. Past-year transfer tax revenue is expected to hit $417 million, up 42%, with homes accounting for 58%, the Standard reports. October has already seen six sales over $10 million.
"It certainly helps," said city chief economist Ted Egan, while noting that a couple of big office sales bring in far more than a year of mansion sales.
The budget backdrop
48 Hills reported in April that a city update showed transfer taxes recovering faster than expected, as Mayor Daniel Lurie sought to roll back Prop I.