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San Francisco Voters Want To Fight Homelessness By Taxing Big Tech Companies

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San Francisco voters passed a proposition Tuesday that would levy a tax on the city's wealthiest companies and use the money to increase funding for homelessness services.

A rise in high-paying tech jobs has contributed to a tight housing market and a growing homelessness problem along the West Coast. San Francisco ranks among the least affordable cities in the nation, with a median single-family home value approaching $1 million.

Legal challenges are likely for the proposition, which would need a higher level of support from voters if it was ruled a "special tax" rather than a general tax.



The measure, labeled Proposition C, received the simple majority of votes it would need if it was considered a general tax. But "special taxes" aimed at particular needs would require a two-thirds majority under California's constitution.

Proposition C would tax companies' revenue above $50 million and is expected to raise up to $300 million per year. The city currently spends $380 million combating homelessness annually.

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The city's complex tax code would charge different categories of businesses different tax rates, with financial services companies being hit particularly hard, NBC News reports. Large businesses can expect a tax increase between .175 percent and .69 percent, the network says.

One high-profile supporter of Proposition C: Salesforce billionaire Marc Benioff. He donated millions to support the cause and clashed with other tech moguls over the proposition.

Earlier this year, a similar proposal — often called "the Amazon tax" — failed after pushback from Starbucks and Amazon.

Contributing: The Associated Press.

eu.usatoday.com/story/news/politics/elections/2018/11/07/san-francisco-voters-pass-measure-tax-businesses-homelessness/1927483002/

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