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Flipper Flop

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With the failure of Proposition G, the path remains clear for real-estate speculators to buy multi-unit rentals, evict the tenants, renovate, and resell at a profit, as happened in the case of 75-year-old Gum Gum Lee, who recently toured her flipped Polk Gulch rental, now on the market for $759,000. Proposition G would have imposed a transfer tax of between 14 and 24 percent on resales within five years. The city's current transfer tax rate, between .5 percent and 2.5 percent, remains intact. [SF Business Times; SF Examiner]