San Francisco is the 16th largest city by population and has a budget of around 14 billion which is like 6 or 7 times larger than many cities with much bigger population. This is just a badly run city and throwing more money at their problems isn't going to help them.
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
#32Sounds 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.
A law firm I use has been in SF for over 20 years. They just moved to a rough part of Oakland. The move was challenging for them and I know they would not have done it if they didn't have to.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#33What a massive incentive for companies to not classify people who do their work as employees. You don't have to pay extra CEO taxes, and you don't have to provide benefits!
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#34Why doesn’t anyone want to address the elephant in the room, which is affordable housing? Why not convert vacant offices to apartments?
That doesn't seem all that relevant to the topic of taxes, and even if it did, I don't believe there's a very good correlation between increases in CA taxes and improvements in the housing situation.
The amount of money that this is expected to bring is ≈ to the size of SF's homelessness budget so it's not the biggest stretch to link them (although you could bring up lots of other issues to)
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#35From: 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.
Why do you think it is problematic? According to my reading of OP, the measures includes stock options in calculating comp.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#36> He dismisses fears that the surcharge will drive companies out of the city, saying the tax is modest in comparison to the cost of moving a business.
Perhaps - but it will discourage new businesses from locating there, and new businesses are the future.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#37SF has so much tax revenue, but where is it spent?
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#38From: 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.
Pretty hard to claim this when Visa decided to massively expand their Global HQ in San Francisco after Prop C passed.
The pandemic has thrown things in a wrench, but prior to the pandemic, San Francisco businesses were constrained only by commercial real estate. There was literally no space left to put any new businesses.
We've been collecting Prop C revenues since March 2019, and they are exactly as forecast.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#39Sounds 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.
I doubt it. The purported reasons to leave were already on the table before the pandemic hit, but they were not enough to do so when compared to the reasons for staying. The pandemic is relatively temporary, and once it is over, those reasons for staying will still be on the table.
Re: San Francisco voters approve taxes on highly paid CEOs, big businesses
#40From: 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…
sounds like a bunch of full-time roles are about to get converted to contractor positions.