Genius city, facing down a possible pandemic-driven recession, passes special interest initiative that city economist says will reduce the GDP by $23 billion dollars.https://twitter.com/sfchronicle/status/1235074434656067584 …
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Replying to @kimmaicutler
There are arguments to be made against Prop. E, but this is a poor one, unless you predict the pandemic will last until the proposition would take effect in perhaps five to seven years. If that's the case, we have far bigger problems.
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Replying to @EskSF
Believe it or not, companies do strategize years in advance on where to add headcount. And this is a big signal to not grow your business here so g’luck on closing financial holes that are already tough in good times.
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Replying to @kimmaicutler @EskSF
If this ends up being a year long thing or more, it will probably be a big cultural moment for adoption of remote work and that will undermine the biz tax base that SF has long used to cross subsidize programs that res-heavy Bay Area cities can’t afford
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Replying to @kimmaicutler @EskSF
How many of the companies that your venture capital firm is invested in have San Francisco office space, and how many are likely seeking more space?
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Replying to @DarwinBondGraha @kimmaicutler
This strikes me as a rather convoluted argument in which, no matter what happens, Prop. E can be blamed .
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Replying to @EskSF @DarwinBondGraha
City economist didn't make it seem very convoluted:pic.twitter.com/0h8e5ojSZn
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Replying to @kimmaicutler @EskSF
Yes, but if you're concerned about public health and global pandemics, the funding for public health departments isn't even coming from local taxes on commercial real estate. The funding is mainly federal and state.
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It seems more probable every week that there will probably be a big budget hole at both state and city level this year that will have downstream effects on all kinds of programs.
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honestly, surprised it took this long but clearly private equity firms learned lessons from dot com crash, ensured (most) unicorn IPOs last year were at high valuation to maximize benefit of carried interest loophole after they cashed out, correction starts immediately
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