There will be a ballot initiative this Nov called "The Overpaid Executive Tax".
Will tax companies with highly paid execs.
This will likely win, and many companies will think twice about HQ in SF.
We lost @CharlesSchwab and @stripe last year. Their taxes went elsewhere.https://twitter.com/MattHaneySF/status/1272763116909031424 …
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It's a very modest tax, if it's enough to lead companies to leave all together, that would be an odd financial calculation. It's a much smaller tax than Prop C, and last I checked commercial vacancy rates never lower. Companies impacted received huge tax breaks from feds.
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Replying to @MattHaneySF @michelletandler and
What's more likely to get them to leave is a city struggling from street homelessness, mental illness, drug addiction, without basic city services like enough nurses.
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Fair. But would be great to see some big companies backing and sponsoring this. NYC has done amazing work partnering with companies for win/win tax structures that work for both sides.
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Replying to @michelletandler @MattHaneySF and
Also, I take issue with the term "overpaid". Is Chesa Boudin overpaid with $400k salary? I think top jobs require big salaries to attract talent. These companies are competing globally for competent execs. To frame them as malicious is slightly simplistic IMHO.
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I think @chesaboudin’s brand of talent we can do without, thank you very much.
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