Silicon Valley REALTORS® are learning about a proposed half-cent sales tax measure, which is important information they can share with their clients. The Santa Clara Valley Transportation Authority on June 3 unanimously voted to put a 30-year half-cent sales tax measure on the November ballot. If passed by two-thirds of voters, the tax would raise $6.5 billion to fund BART's extension to San Jose, increase Caltrain capacity and safety, maintain streets and fix potholes, and improve county expressways and highway interchanges.
Speaking at separate occasions to members of the Silicon Valley Association of REALTORS® were Santa Clara County Supervisor Joe Simitian and Silicon Valley Leadership Group president and CEO Carl Guardino. Simitian explained after realizing nearly 80 percent of the funding (about $3.7 billion) from two previous transportation tax measures funded the "BART to San Jose" effort, residents and officials from cities in the northern and western portions of Santa Clara County said they would only support another county sales tax measure if they received their fair share for their own transportation needs.
Simitian said this new tax measure would have a widespread benefit, bring meaningful traffic relief for the whole county, fix crumbling conditions of local streets and roads, and bring cost effective alternative routes to the automobile.
"It's time to put a tax measure where we want it to go," said Simitian.
The proposed ballot measure calls for a half-cent sales tax with 24 percent allotted ($1.5 billion) for BART to downtown San Jose; 16 percent ($1 billion) to expand and electrify Caltrain; 8 percent ($500 million) to improve mass transit for seniors, students, workers and the disabled; 6 percent ($350 millions) for transportation improvements in the West Valley/North County Corridor; and 4 percent ($250 million) for improving bike/pedestrian facilities.
The remaining 43 percent of the tax money would go toward street maintenance and pothole repairs ($1.2 billion), improvement of county expressways ($750 million) and highway interchanges ($750 million).
"California has one of the worst roads and highways in the country," declared Simitian.
Guardino expressed the same sentiments. He noted potholes on the roads cost each driver about $1,723 in extra vehicle operating costs per year because they cause more gas mileage and wear and tear on cars.
"We're building for today's challenges and tomorrow's challenges," said Guardino, whose group paid for a poll that showed 69 percent of voters would support the tax measure.
REALTORS® voiced concern about traffic in the region, high-speed rail and how construction work might affect residents, questions they anticipate potential buyers would ask.
"Public transportation has not done a good job in attracting riders of choice because there are no good incentives," said Simitian.
Both Simitian and Guardino said BART and Caltrain could attract more riders of choice if improvements are made. The BART extension is scheduled to be completed by fall of next year. The project would complete rapid rail around the Bay, increase daily ridership to roughly 90,000, and reduce greenhouse gas emissions by 16,000 tons.
Electrification of Caltrain is scheduled to be completed by 2020 and expected to nearly double ridership from the current 65,000 to 110,000, and have fewer time gaps between trains.
Guardino said high-speed rail will not be funded by the tax measure, but if built, grade separation is a necessary safety factor.
Construction will definitely cause inconvenience, but it will come with improvements.
"There is going to be pain before champagne," said Guardino.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.