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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Meanwhile Apple paid NO federal taxes, the CEOs of Twitter (which got a huge tax break to locate here) Stripe etc fight attempts to tax their companies to help homeless crisis, and oh yeah they salt our democracy with disinformation and hate. Truly it is Gold Rush 2.0
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Also that big blue chunk of the pie does not even include “venture capitalism” and “biotech” it’s just SOFTWARE
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Replying to @ClaraJeffery
At the same time, the Mid-Market [Twitter] tax exemption expired last year. The city budget is $11.1 billion compared to $6.6 billion a decade ago. The city was supposed to be running close to $1B deficits every year by 2016. Instead it had a surplus.
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Replying to @kimmaicutler @ClaraJeffery
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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Replying to @kimmaicutler @ClaraJeffery
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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Replying to @kimmaicutler @ClaraJeffery
Also poorly designed taxes will have externalities. Notice how fintech companies have "discovered Oakland" after November:https://www.bizjournals.com/sanfrancisco/news/2019/01/31/with-square-move-on-horizon-fintechs-increasingly.html …
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Also, @SupervisorTang tried to make a program that would create subsidized housing for middle-income residents (bc there are only really federal/state subsidy programs for low & vey low-income residents) but Peskin watered it down to the point where it became ineffectual and
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developers instead chose the state's density bonus program, which produces some housing for low & very low income workers.
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