By Tim Redmond
DECEMBER 17, 2014 – Mayor Ed Lee said yesterday that he was “open” to the concept of a tax on vacant residential property, something Sup. Eric Mar is proposing.
During Question Time, Lee said that “we are not well served if we are building homes that are left vacant.” While he was vague about the concept of a tax, he said that “in principle, I believe in minimizing absenteeism in new construction.”
His remarks came in response to a story in 48hills showing that a substantial percentage of the new luxury condos built in the city are owned by people who don’t live there.
“If people are buying housing and not living there, we have a problem,” the mayor said.
He said he was also concerned about landlords holding existing units off the market.
Lee said he wasn’t sure a tax would be legal. But when I asked him outside the board chambers, he said he was willing to consider it.
“I am open to the idea,” he told me.
A tax on vacant rental property would send a message that the city is serious about preventing speculators, corporations, and super-rich people from holding scarce residential property off the market.
It would also require some sort of monitoring or registration that would give policy makers a much better handle on how much housing is sitting there empty, creating what Mar called “zombie neighborhoods.”
There’s no legislation yet, and it’s a long way from the mayor saying “maybe” to the mayor actually supporting a bill that cracks down on absentee owners. But at least it’s on the agenda.
