{
  "status": "published",
  "publishedOn": "2026-10-26",
  "source": "Aggregated SFAR MLS building-sale data, attributed to SFAR MLS by Lucas Beard. Underlying transaction records were not independently accessed. Company-created underwriting illustrations are separate from MLS observations.",
  "geography": "San Francisco",
  "2025ComparisonWindow": "2025 comparison; exact start/end dates not specified",
  "2026Window": {
    "start": "2026-01-01",
    "end": "2026-10-25",
    "label": "2026 YTD through October 25"
  },
  "pricePerUnit": [
    {
      "buildingSize": "2 units",
      "pricePerUnit2025": 850000,
      "pricePerUnit2026Ytd": 1075000,
      "precision": "Reported as exact dollars"
    },
    {
      "buildingSize": "3 units",
      "pricePerUnit2025": 623000,
      "pricePerUnit2026Ytd": 695000,
      "precision": "Reported to nearest $1,000"
    },
    {
      "buildingSize": "4 units",
      "pricePerUnit2025": 420000,
      "pricePerUnit2026Ytd": 475000,
      "precision": "Reported to nearest $1,000"
    },
    {
      "buildingSize": "5+ units",
      "pricePerUnit2025": 318571,
      "pricePerUnit2026Ytd": 391667,
      "precision": "Reported as exact dollars"
    }
  ],
  "listedCapRate5Plus": {
    "2025Pct": 5.86,
    "2026YtdPct": 5.36,
    "changePercentagePoints": -0.5,
    "changeBasisPoints": -50,
    "observationCounts": null,
    "note": "Median listed cap rates, not verified realized yields. Cap-rate and price samples need not contain the same buildings."
  },
  "limitations": [
    "2025 comparison and 2026 YTD are not established as matched windows.",
    "No sales counts, neighborhood mix, unit-condition controls or matched-property observations available.",
    "The 5+ category has no available upper unit limit and is not a 5–20-unit-only sample.",
    "Policy passage does not establish a causal effect on prices, cap rates or fee collections.",
    "Three- and four-unit prices are rounded, not exact underlying medians."
  ],
  "legislation": {
    "file": "260680",
    "version": 2,
    "amendedOn": "2026-10-05",
    "checkedOn": "2026-10-26",
    "recordStatus": "Unfinished Business-Final Passage",
    "enacted": false,
    "enactmentDate": null,
    "nextAgendaDate": "2026-10-27",
    "disclosureCommencementInVersion2": "2027-01-01",
    "effectiveDateRule": "31st day after enactment; no calendar effective date verified",
    "recordUrl": "https://sfgov.legistar.com/LegislationDetail.aspx?GUID=D10400C3-1E6F-4861-BC2E-4D7331C8955D&ID=8069909&Options=&Search=",
    "textUrl": "https://sfgov.legistar.com/View.ashx?M=F&ID=16047383&GUID=43C7E309-BCE6-4045-BD87-F03E9B5C4474",
    "digestUrl": "https://sfgov.legistar.com/View.ashx?M=F&ID=16047382&GUID=75B79371-D720-4413-B44D-F2CAB58BAF26",
    "260680-v2-2026-10-05.pdfSha256": "2c7a824e32c65914a0f82c0d292ee812eb183fcd1ad45512955b5a7935627a94",
    "260680-digest-v2-2026-10-05.pdfSha256": "ef86fdcfafe7143d7d648f719ef3af1eb5bbb429a0e31a41c8a6fbe8c03abddc"
  },
  "illustrativeListing": {
    "baseRent": 3500,
    "mandatoryAmenityFee": 50,
    "mandatoryTrashFee": 40,
    "variableLandlordUtilityChargePrior12MonthAverage": 110,
    "estimatedTotalMonthlyCost": 3700,
    "optionalParking": 250
  },
  "underwritingIllustration": {
    "units": 8,
    "monthlyRequiredFeePerUnit": 125,
    "annualGrossFeeIncome": 12000,
    "associatedAnnualServiceCosts": 10000,
    "netServiceContribution": 2000,
    "baseNoiAfterAllOperatingExpenses": 120000,
    "illustrativeCapRatePct": 5.36,
    "scenarios": [
      {
        "label": "100% retained",
        "recognizedFeeIncome": 12000,
        "noi": 132000,
        "illustrativeValue": 2462686.567164179
      },
      {
        "label": "50% retained",
        "recognizedFeeIncome": 6000,
        "noi": 126000,
        "illustrativeValue": 2350746.268656716
      },
      {
        "label": "0% retained",
        "recognizedFeeIncome": 0,
        "noi": 120000,
        "illustrativeValue": 2238805.9701492535
      }
    ]
  }
}