How could they have budget shortfalls in such a ‘rich’ city? Tragic
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Replying to @kimmaicutler
Thanks. This is an issue for others as well, but not unexpected.
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Replying to @realHayman @kimmaicutler
A big problem is our revenue side is dismal, we don’t collect anywhere near enough from the entities acquiring those riches in the city.
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Replying to @post_alex @realHayman3 replies 0 retweets 3 likes
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Replying to @kimmaicutler @realHayman
Would simply raising the current gross receipts tax rates require a vote? (As a state employee making less than even city lawyers I get nervous when people start talking about cutting liabilities that include retirement!)
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Replying to @post_alex @realHayman
Yes. 2/3s supermajority vote yes but also depends on how it was introduced. Possibly only 50% but this depends on the outcome of a couple of legal cases that will take a few years to resolve.
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You can’t retroactively change pension benefits. You can only legally make them shittier for later cohorts of employees that start working in the future.
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Replying to @kimmaicutler @realHayman
Yeah, sadly that has already happened. Although again, obviously the answer isn’t to make workers worse off, it’s to tax business more, and that should be a winnable vote at least!
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Replying to @post_alex @realHayman
I think there are unique issues w taxes at the municipal level if they’re not well designed or are easily avoided by moving one city over.https://www.sfchronicle.com/business/article/2nd-most-valuable-U-S-startup-to-leave-SF-as-14558067.php …
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However it’s good that we have more regional authority now, which I think will be more equitable. Revenues collected in Palo Alto can cross fund affordable housing in Oakland, etc.https://www.bizjournals.com/sanfrancisco/news/2019/12/05/regional-ballot-measure-next-year-could-raise-up.html …
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