It’s not like we didn’t warn about this 5 years ago and the political faction that Mar is a part of contributed to crushing both the affordable and market-rate pipeline in 2016 by raising fees just as construction costs and borrowing rates went up. https://www.sfchronicle.com/politics/amp/SF-s-affordable-housing-projects-hit-hard-by-13621283.php …
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Which shortens the new housing production cycle, by making it take longer for things to pencil and then sooner for things to become economically infeasible to build. New units delivered in SF fell almost 50% last year.https://www.bizjournals.com/sanfrancisco/news/2018/12/19/housing-crisis-sf-new-home-supply-apartments.html …
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Pro tip: look at how Vancouver does inclusionary affordable, by calculating a % of land value lift through upzoning, not SF, which lets the legislative body effectively dictate an across-the-board number, & for which there isn’t political incentive to lower it if it doesn’t work.
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Oh nm, I see what this is actually about. This is theater to test political appetite for the city taxing employee stock options ahead of IPOs. (RIP my mentions now....)https://48hills.org/2019/03/could-sf-tax-new-ipo-wealth/ …
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Replying to @eparillon
We did? I thought it could be interpreted that way but was never enforced.
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Replying to @kimmaicutler
Right I mean we already talked about doing this and backed off bc it would be a heavy legal lift.
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Replying to @kimmaicutler
IANAL but my understanding is that it’s not clear that the city has the authority to tax options the way that it wants.
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Replying to @eparillon
Because of state law or federal law or something else?
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Is it because only the state can tax income....?
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Replying to @eparillon @kimmaicutler
The last time there was talk about this was when Twitter was threatening to move
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