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Flipping Out

A rally at City Hall yesterday protested the proposed new "flipping tax" that would impose heavy penalties on multi-unit buildings sold within five years of their purchase. The tax is meant to discourage speculators, but yesterday's protesters pointed out that it would also affect "mom and pop" property owners. The tax is intended to slow housing prices increases, but opponents argued that it would have the opposite effect by raising costs for owners. [SF Business Times]