Sacramento mayor proposes real estate tax hike to fund housing projects ...Middle East

News by : (CBS sacramento) -

McCarty is proposing a real estate tax increase to help fund more housing projects like tiny home communities and downpayment assistance for first time homebuyers. He wants to get the tax increase on the 2026 ballot.

Last year, the tax raised more than $12 million although the annual amount is volatile due to market fluctuations.

McCarty estimates it could raise an additional $8-9 million dollars a year.

"We still see too many unsheltered people on our streets in our community and we need to do things differently," he said.

"It's a public health crisis every single day," Niki Jones said. "I think the lack of urgency from our government is shameful."

"I don't oppose the idea. I hope the council can support it. I hope it's a step towards transformative changes to how we look at housing solutions," she said.

"I think that we need to address this to in order to make sure Sacramento grows and we can take care of our needs today and tomorrow," he said.

The tax would need to be approved by voters before taking effect. The City of San Jose passed a similar tax in 2020.

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