Vote Yes

Measure M – Have Speculators Pay Taxes on Vacant Properties

Berkeley

No matter who you are or where you come from, success in life starts at home. When we all have safe and secure places to live, parents earn more, kids learn better, health and well-being improve, our communities are strengthened, and our region has the building blocks to thrive.

But right now, real estate speculators are compounding the housing crisis by buying properties and keeping them empty to drive up rents, while people struggle to find a place to live.

This measure would force those who keep properties empty to pay a tax, in hopes of breaking the practice. Property owners would have to pay $3,000 to $6,000 per year for each single-family home or apartment that sits vacant for at least six months in the first year of the tax, with the penalty doubling in its second year. Owners of apartments with four or fewer units who live on their property, and don’t own any other homes, will be exempt. Vote yes on Measure M.