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This means those assets can be exempt from estate taxes, which can range from 18% to 40% of the estate’s value.

That includes higher standard deductions, a lower top marginal tax rate, bigger child tax credits, lower estate taxes and certain deductions tailored for small businesses.

That’s also the bad news, costing them thousands more in real estate taxes and leaving less for discretionary spending.

The proposal would allow the City Council to increase real estate tax revenue to help fund programs to get people off the street.

Mr. Peskin said that San Francisco’s $14 billion budget is facing the prospect of a $1 billion shortfall over the next few years, in part because of lost commercial real estate tax revenue.