by Clay Gjevre
What the 2024 Election Means for San Francisco Real Estate
The 2024 election results bring significant implications for San Francisco homeowners, buyers, and sellers. While the broader political impacts are widely discussed, let’s focus on what these changes mean for the San Francisco real estate market.
Key Statewide Updates: Proposition 33 Defeated
One of the most significant wins for property owners was the defeat of Proposition 33, which aimed to repeal the Costa-Hawkins Rental Housing Act. This proposition would have allowed cities to implement stricter rent control measures, including on single-family homes and newer properties. With 60% of voters saying no, homeowners can breathe a sigh of relief.
Expanded rent control could have introduced significant restrictions, potentially making it harder to sell or rent properties. This is the third time Californians have rejected a statewide expansion of rent control, signaling continued support for property owner rights.
New Leadership in San Francisco
San Francisco’s political landscape is shifting, with moderate candidates gaining traction in key roles.
New Mayor: Daniel Lurie
Daniel Lurie, a philanthropist and entrepreneur, won the mayoral race with 55% of the vote, replacing London Breed. Lurie’s commitment to addressing housing affordability and homelessness may foster a more stable real estate market. His leadership aligns with moderate policies that could benefit both buyers and sellers, especially those navigating San Francisco’s challenging housing market.
Board of Supervisors: A Shift Toward Moderation
Moderate victories extended to the Board of Supervisors:
District 3: Danny Sauter replaces Aaron Peskin in neighborhoods like North Beach, Chinatown, and the Financial District.
District 5: Bilal Mahmood defeated Dean Preston in areas like Haight, Tenderloin, and Japantown.
These wins suggest a move toward balanced housing policies, public safety improvements, and downtown revitalization. For San Francisco home sellers, this could mean a more attractive market for buyers.
Education and Real Estate: A Promising Connection
Improving schools is a priority for the newly elected supervisors. Jamie Huling and Parag Gupta, backed by the San Francisco Association of Realtors (SFAR), aim to tackle financial and structural issues in the school district. For families and sellers, better schools can enhance neighborhood appeal and property values.
Residential Vacancy Tax Overturned
The controversial Empty Homes Tax, approved in 2022, has been struck down by a San Francisco Superior Court judge. Originally set to charge property owners $2,500 to $5,000 annually for vacant units, this tax would have gone into effect in 2025. Its repeal reduces financial burdens on property owners and could encourage more activity in the rental and sales markets.
What This Means for San Francisco Homeowners and Sellers
The election results signal a more favorable environment for property owners and those looking to sell a home in San Francisco. Key takeaways include:
Continued protection against expanded rent control.
Moderate leadership that prioritizes housing development and safety.
A court ruling eliminating the Empty Homes Tax, reducing penalties for property owners.
These developments may stabilize the San Francisco real estate market and create opportunities for both buyers and sellers.
Looking Ahead: San Francisco Real Estate in 2024
As we enter a new era of leadership, the San Francisco real estate market may see shifts that benefit property owners, buyers, and sellers alike. Whether you’re considering selling your home, upgrading in San Francisco, or exploring high-end real estate opportunities, these changes set the stage for a promising market.
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