This is not only why housing in SF is so expensive, why people are being priced out and evicted, but a road map for why we don’t have teachers, nurses, cops and restaurant workers, why school enrollment so low, why the city is becoming a Union Made catalog (ah, irony). https://t.co/1coD0Fasim
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This is the quid pro quo that Bay Area cities make. They can't renege on their pension liabilities, and property tax revenue on non-reassessed properties is capped so they have to grow revenue (AKA attract in business/build office space) to keep pace w/ obligations.
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They can raise taxes on business, but that will also make the city and its future leadership even more structurally dependent on tech in the long-term, if that's what voters want. Or they can restructure their tax revenue model, costs to center on something else (prob difficult).
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