The proposed measure amends Measure GS, which raised the transfer tax by $56 per $1,000 for Santa Monica properties that sell for $8 million or more to fund local schools, homelessness prevention and affordable housing projects.

Instead of alleviating the housing crisis, the notice to circulate the petition states, Measure GS "effectively taxed the production of new multi-family housing units, greatly threatening the financial feasibility of critically needed new housing options."

Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2024/April-2024/04_01_2024_Proposed_Ballot_Initiative_Exempts_Multi_Family_Housing.html