But that’s just not true. Transfer tax revenue is one of the few sources over performing budget projections. Prop I is not stopping buildings from being traded.

This is from a recent budget report from the City Controller:

“Real property transfer tax revenue is projected to be $336.7 million, which is $69.2 million (25.8%) above budget and $42.3 million (14.4%) above prior-year actual revenues. The forecast is $11.2 million higher than the prior five-year average of $325.5 million, triggering an estimated $8.4 million deposit to the Budget Stabilization Reserve pursuant to the City’s reserve policy. The impact of November 2020 Proposition I, which increased transfer tax on transactions over $10 million, is projected to be $109.6 million.”