Already facing financial uncertainties, San Jose could lose millions in vital tax revenue if a statewide initiative on the November ballot succeeds in changing voting thresholds for local tax measures, city officials warned this week.
The City Council’s Rules and Open Government Committee on Wednesday unanimously recommended the city officially oppose the initiative. Highlighting a profound threat to San Jose’s housing and homelessness programs, the committee forwarded the memo to the full council for discussion next week, noting the proposal could destabilize an already precarious city budget.
During the meeting, Councilmember David Cohen warned that the initiative “makes it almost impossible” for local governments to raise revenue, noting that it would retroactively strip away the city’s right to collect a voter-approved real estate transfer tax…