Why doesn’t anyone want to address the elephant in the room, which is affordable housing? Why not convert vacant offices to apartments?
If offices become vacant, what is the motivation to live in the city anyway?
San Francisco voters approve taxes on highly paid CEOs, big businesses
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Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#12Sounds like business will be booming for temp agencies as well as janitorial and facilities maintenance contractors. Whatever the net positive here is wholly negated by the number of stable long term jobs that are going to go away and be replaced by whoever the body shop chooses to send that day. Working for these middle men really sucks compared to working for whoever the service is being provided for (and I say tha…
More likely, this will just result in businesses continuing to leave San Francisco. The pandemic has given most companies a good reason to do so already and my bet is on most of them not returning to their overpriced San Francisco headquarters when this is eventually over.
Or just move it to a smaller office somewhere else in the Bay Area.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#13I'm sure companies will find a way to avoid the tax. Splitting the company (low income workers are already rarely employed directly), finding compensation forms that don't count,...
The real estate transfer tax sounds rather misguided as well. I expect it to distort the already unhealthy real estate market in harmful ways.
I'd rather go for higher ground value taxes with reductions for high density occupancy or people who live in that building themselves.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#14Does anyone have the text of the law, or a detailed description of it? > Under a newly approved law, any company whose top executive earns 100 times more than its average worker will pay an extra 0.1% surcharge on its annual business-tax payment. If a CEO makes 200 times more than the average employee, the surcharge increases to 0.2%, and so on per multiple of 100. What do they mean by "earns," are bonuses included?…
> I'm sure folks will try to game this to get around it, I'm just curious how
Lay off everyone making less than 200x the top earner. Move to remote workers where possible, outside contractors where not.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#15From: https://calmatters.org/california-divide/2020/11/san-francis... > The tax will levy an extra 0.1% to 0.6% on gross receipts made in San Francisco for companies whose highest paid executive makes 100 times or more its median worker’s salary. The amount levied will increase in 0.1% brackets proportionally to the pay ratio. A company whose highest paid employee earns 200 times more than its median San Francisco wo…
I'd also be surprised if it brings in anywhere near the quoted amount since the SF supervisors have proven themselves incapable of considering second order effects such as companies contracting out their low-pay roles or simply leaving SF.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#16At this rate in 20 years California will be competing with Mississipi for the title of the poorest state in the country
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#17Earlier quoted context omitted.
More likely, this will just result in businesses continuing to leave San Francisco. The pandemic has given most companies a good reason to do so already and my bet is on most of them not returning to their overpriced San Francisco headquarters when this is eventually over.
Or just move it to a smaller office somewhere else in the Bay Area.
Maybe, but is the rest of the Bay area enough better that they can trust they won't end up the same way in the near future.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#18Why doesn’t anyone want to address the elephant in the room, which is affordable housing? Why not convert vacant offices to apartments?
there are many political reasons. i'll list some logistical ones:
fire codes?
not enough bathrooms?
lack of showers?
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#19From: https://calmatters.org/california-divide/2020/11/san-francis... > The tax will levy an extra 0.1% to 0.6% on gross receipts made in San Francisco for companies whose highest paid executive makes 100 times or more its median worker’s salary. The amount levied will increase in 0.1% brackets proportionally to the pay ratio. A company whose highest paid employee earns 200 times more than its median San Francisco wo…
Agreed, this is problematic if the executive is compensated primarily in stock options.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#20Why doesn’t anyone want to address the elephant in the room, which is affordable housing? Why not convert vacant offices to apartments?
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