Council President Pro Tem Kent Lee brought forward his large portfolio corporate owned homes tax. His stated goal is to deter corporations with large portfolios (10+) from purchasing single family homes, condos, duplexes, triplexes and fourplexes and holding them as rental properties. The office has been communicative with BIA staff and have kept us aware of their policy development, and we have steadily shared concerns generally around unintended consequences and deterring development particularly in the inclusion to duplexes/triplexes/fourplexes. Councilmember comment on the item focused on the high costs of housing, the challenges for people to remain in San Diego. Ultimately, it passed unanimously but with many questions about next steps, details, stakeholder involvement and other items that may be included. It is now expected to return to Rules Committee for a decision about whether it is placed on the November 2026 ballot, at a later date, or not at all. There was encouraging comments about the BIA’s early involvement being welcomed and noticed.
