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Torpedoed Development Deal

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Last Friday, the NYT ran an excellent piece about a proposed $50 million annual fund for San Francisco affordable housing. Cobbled together by housing advocates, developers, and representatives of the Mayor's office, the deal would have added roughly 0.50% to the real estate transfer tax in order to offset affordability requirements. However, as a new tax, the proposal would almost certainly hit opposition from realtors, non-residential developers, and existing homeowners. Citing this impending opposition, THE Mayor Gavin Newsom unceremoniously torpedoed the proposal, a move which some proponents attribute more to the politics of the Gav's Lt Gov run than to sound policy.