Over the past few months, I’ve been hearing a lot of buzz about a proposed tax change that could matter quite a bit for longtime homeowners here in the Bay Area.
The proposal is called the More Homes on the Market Act, and the idea behind it is pretty simple: update a federal tax rule that hasn’t changed since the 1990s. Today, when you sell your primary residence, you can exclude up to $250,000 in capital gains if you’re single, or $500,000 if you’re married. That might have sounded like a lot in 1997, but in Silicon Valley today, it often doesn’t go very far.
Many homeowners who bought their homes 20, 30, or even 40 years ago have built up well over a million dollars in equity. The result is that selling can trigger a tax bill large enough to make people think twice about downsizing, even if the home is larger than they want or harder to maintain.
The More Homes on the Market Act would double that exclusion to $500,000 for individuals and $1 million for married couples.
Recently, I had the opportunity to ask Congressman Jimmy Panetta about this proposal directly after hearing that it might actually be moving forward this year, possibly even as soon as this summer. His response was a typical politician non-answer, but he confirmed that the legislation is very much alive and he believes it will pass, at some point, and in some form – but what the final bill will look like, and when it might become law, appear to be quite uncertain at this time.
If something like this were to pass, it could remove one of the biggest financial barriers that keeps many longtime homeowners from selling their homes.
For many people who have owned their homes for decades, it’s a proposal worth keeping an eye on.
If you’d like to see the full details of what Congressman Panetta said and how this could affect Bay Area homeowners, you can read my full write-up here.
But the long and short of it is that if you’re looking for relief on the big fat capital gains tax bill you might have to pay when selling your long-time Bay Area home, you might have to wait a bit longer. Or a lot longer, there’s seemingly no way to know, not even by asking the bill’s foremost proponent.
However, there are ways to defer and mitigate that tax bill, which is another discussion entirely. But if you’d like to have that discussion, by all means, feel free to reach out to me, I’m happy to talk about it any time.
Sell As-Is. Sell Easy. Sell Smart!
From the Bay Area Wayback Machine
Robert F. Kennedy Speaks to 10,000 in San Jose (March 16, 1968)
Presidential candidate Robert F. Kennedy spoke to a crowd of nearly 10,000 supporters at St. James Park in San Jose during his campaign for the Democratic nomination. In his address, Kennedy emphasized civil rights, social justice, and support for César Chávez’s farmworker movement, which was gaining national attention at the time. The rally reflected the political energy of the late 1960s and highlighted the growing importance of California in national politics.
San Francisco Proposes $6.5M Bond to Modernize Transit (March 18, 1947)
San Francisco Mayor Roger Lapham formally requested a $6.5 million bond issue to modernize the city’s aging municipal railway and cable car system. Many of the transit lines and equipment dated back decades and required major upgrades to meet growing postwar transportation demands. The proposed funding aimed to improve reliability and efficiency across the system, helping maintain public transit as a vital part of daily travel in San Francisco.
Richmond Approves Plans for New Civic Center (March 17, 1948)
The Richmond City Council approved the final plans for the development of a new Civic Center designed to centralize city government services. The project responded to the city’s rapid population growth following World War II, when wartime industries brought thousands of new residents to the area. By consolidating municipal offices in one location, city leaders aimed to improve public administration and better serve the expanding community.
This Week in Silicon Valley
State Grant Helps Open Path to Homeownership for South Bay Farmworkers
A new state grant is creating opportunities for farmworkers in Santa Clara County to move closer to homeownership. The county received $2.2 million from California’s Farmworker Housing Grant Program, which will be used to provide mortgage assistance loans for low-income, first-time homebuyers working in agriculture. Qualified households could receive loans of up to $200,000 to help purchase manufactured homes.
County officials say the program is designed to support farmworkers who often struggle with housing instability despite playing a critical role in the region’s agricultural economy. The funding is part of a broader effort to expand housing access and improve long-term stability for agricultural workers and their families.
Local leaders noted that stable housing can strengthen communities and help retain essential workers in South County. The program aims to offer farmworker families a more realistic path toward homeownership in one of the most expensive housing markets in the country.
Alexander’s Steakhouse Cupertino Hosts an Evening with Paul Hobbs Winery
Date: Wednesday, March 18
Time: 6:00 pm – 8:00 pm
Location: Alexander’s Steakhouse, 19379 Stevens Creek Boulevard, Cupertino
An exclusive wine dinner pairs a refined multi-course menu with exceptional selections from Paul Hobbs Winery. Guests will explore the stories and craftsmanship behind each vintage while enjoying an elevated culinary experience. The evening offers a rare opportunity to savor world-class wine and cuisine in an intimate setting.
Bobby Lee
Date: Friday, March 20 – Saturday, March 21
Time: Friday 7:30 pm; Saturday: 7:00 pm
Location: San Jose Improv, 62 South 2nd Street, San Jose
Get ready for a night of big laughs as comedian Bobby Lee takes the stage. Known for his bold humor and memorable appearances on shows like MADtv, he brings his signature style and high-energy storytelling to the spotlight. It’s an evening packed with unpredictable comedy and unforgettable moments.
Durand Jones and the Indications
Date: Friday, March 20
Time: 7:00 pm
Location: San Jose Civic, 135 W. San Carlos Street, San Jose
Durand Jones & The Indications deliver a soulful sound rooted in classic R&B while embracing modern grooves and rich harmonies. Known for heartfelt songwriting and smooth, textured arrangements, the band blends vintage soul with contemporary energy. Their performance offers a warm, rhythm-driven experience that celebrates the enduring spirit of soul music.
Band Capricio Rise Tour 2026 – Bay Area (Age 21+)
Date: Saturday, March 21
Time: 9:00 pm – 1:30 am
Location: Pure Night Club, 146 S Murphy Ave, Sunnyvale
Experience an electrifying night as Band Capricio brings vibrant Telugu music and high-energy performances to the stage. The evening promises lively rhythms, dynamic sounds, and a celebration of culture that will keep the crowd moving.
Time to talk to a REALTOR?
Senior Friendly Homes in Silicon Valley South
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