And just to be clear: I live in SF. Since 2007. I'm a programmer. And I think this situation is abominable. We need steeply progressive taxation and massive affordable housing construction.
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Replying to @chetmurthy @Ana1Sima and
As for those who would argue that that'd drive away tech workers, I say: "Good, can I buy your house when you leave? Please? Please?"
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Replying to @chetmurthy @Ana1Sima and
the richest ones aren't leaving, just a wider and wider and wider and wider swath of the middle class or what is "middle class" in the Bay Area but is definitely not middle class anywhere else in the country.
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Replying to @kimmaicutler @Ana1Sima and
RIGHT. And if I have to choose between my former neighbor Ed (who was forced-out (to Oakland) when my landlord sold our bldg) or that techbro who wrote the mayor about having to walk past homeless people on his way to work ..... yeah, you know whom I'm keepin'
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Replying to @chetmurthy @Ana1Sima and
no, I'm saying even that guy's gonna leave, but his boss who's 10X richer than him is gonna stay. And that's what you're gonna be left with. The people who come after him will probably be even richer and more out-of-touch....
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Replying to @kimmaicutler @chetmurthy and
all you need to do is look at Palo Alto. That's SF's future given the status quo.
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Replying to @kimmaicutler @Ana1Sima and
Absolutely. I perennially fail to understand why SF voters don't impose a (steeply progressive) income tax. Just don't get it. All Americans are temporarily impoverished multi-millionaires, I guess.
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Replying to @chetmurthy @Ana1Sima and
they can't legally do that. Only the state of California can charge income tax and they will not share that power with cities because personal income tax is 70% of the general fund.
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Replying to @kimmaicutler @Ana1Sima and
Interesting. Heck, I don't think it even -matters- if the City keeps the funds -- the important part is to lower the excess cash that the richest can spend. Prices are often set by the marginal propensity to spend ..... [and yeah, I know there's all sorts of problems w/this]
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Replying to @chetmurthy @Ana1Sima and
There are 40% fewer houses listed per year than there were 5 years ago. Is it conceivable that the city produces more than 5,000 households per year that earn at least the 300K/yr household income necessary to buy a house here? Um. Yes.pic.twitter.com/aJQHLIi8Jm
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California has the most progressive income tax structure in the US. This is not an argument to make it less progressive, but a side effect of it is that the state's budget is wildly unpredictable and can see $30B+ wiped out in a year on a recession. http://www.lao.ca.gov/Publications/Report/3703 …
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