No on Measure GG

Concerning Measure GG, the increase in the transfer tax to 1.75%, I cannot support it because it is unneeded and frankly presented dishonestly. Supporters state the tax needs to be raised to 1.75% so as to be inline with neighboring cities. Currently Albany has a 1.5% tax. El Cerrito is 1.2%. San Leandro is 1.1%. Emeryville is 1.5% to $2M sold.

The Transfer Tax for the past 25 years has enjoyed a steady upward trend. Despite high interest rates and Federal policies making life economically difficult for many, Piedmont real estate sales are consistently strong. Homes sell quickly in Piedmont and escrows normally close at 20%-50% higher. Rare is the house that goes for asking in town. Because of our excellent schools and City services, a steady and increasing stream of transfer tax revenue is assured.

I also reflect on the $19M bond measure we passed that magically turned into a $23M debt. The final bill on the pool is near $35M. Our tax dollars are not spent wisely.

Vote no on GG.