In November 2020, San Francisco voters passed Proposition I, an ordinance changing the City's property transfer tax rate on commercial and residential properties valued between $10 million and $24.99 million from 2.75% to 5.5%, and on properties valued at $25 million or more from 3% to 6%. The measure was a general tax, and revenues are deposited into the city’s General Fund.

Prior to the election, the Board of Supervisors passed an ordinance establishing the Housing Stability Fund, into which revenues from the transfer tax increase would be deposited beginning December 31, 2021, and creating an Oversight Board to provide recommendations on how the City could allocate those revenues to support affordable housing policies and priorities, through a process centered in community input and feedback. These allocations are still part of the General Fund and are subject to approval from both the Board of Supervisors and the Mayor's Budget Office as part of the annual Budget process.