Don’t expect HGTV’s Tarek and Christina to be showing up in Cow Hollow any time soon. The two stars of Flip or Flop won’t want to pay the flipping tax voters might approve this November. The “Stop the Flip” measure, supported by supervisors John Avalos, David Campos, Jane Kim, and Eric Mar, would impose a transfer tax starting at 24 percent for a resale of a property within one year of purchase. The rate goes down to 14 percent after five years of ownership.
Actually, Tarek and Christina might be in the safe; the measure is aimed at buyers of multi-unit buildings. The hope is to slow down the appreciation in housing prices — and tenant evictions — by penalizing people who buy, renovate, and quickly resell residential property.