mr. ted eagan, from the controller's office, office of economic impact. he can share with us the record. mr. eagan, thank you for your work. >> thank you, supervisor. good afternoon, supervisors. ted eagan, chief economist in the controller's office of economic analysis. my office has today filed an economic impact report on this item that i'd like to summarize now. as supervisor avalos indicated, the city charges a transfer tax on transfers of real property, equal to a percentage of the property's sales price. the tax is a progressive tax, in that sellers of higher value properties pay a higher tax rate. the proposed legislation would split the highest bracket and tax the -- and raise the tax rate only in these two highest brackets greater than $5 million. this is a summary of the current and the proposed transfer tax rates. you can see that under the current system there are four brackets, less than $250,000, $250,000 to $1 million, $1 million to $5 million, and $5 million plus. on the right side of this table, the less than $250,000 to stay, the 250,000