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Oakland Targets Banks with New Foreclosure Tax | San Jose News
Oakland’s city council is pushing a bold new tax on big banks and investment firms that foreclose on properties, aiming to inject fresh revenue into a struggling downtown economy. The proposal targets lenders who currently dodge transfer taxes, potentially bringing in $400K to $1M annually — a modest slice of the city’s $68M+ transfer tax haul. It’s a second shot at a failed tax measure, this time designed to nudge lenders toward more community-friendly solutions like affordable housing or working with smaller banks. While proponents see it as a stabilizing tool, skeptics warn big players…
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