In 2018, San Francisco voters approved Proposition C, the largest tax increase in the city's history, targeting businesses generating over $50 million in gross receipts. The measure aimed to fund homeless services by allocating the generated revenue to the Department of Homelessness and Supportive Housing (HSH) and nonprofits like the Coalition on Homelessness. Despite the substantial increase in funding, from $200 million in 2016 to $1.1 billion in 2021, including $700 million annually, the city's homeless population has continued to rise. Critics argue that Prop C has driven successful tech companies and jobs out of San Francisco, particularly impacting the fintech ecosystem, exacerbating the city's economic challenges. The policy has been labeled a failure, with no significant reduction in homelessness since 2015 and ongoing mismanagement within HSH. The tax has also led to a high vacancy rate in office spaces, with 37% of offices now vacant. Prominent figures like Marc Benioff have been criticized for their role in supporting the measure. Calls for the repeal of Prop C have intensified as the negative impacts on both the business environment and homelessness become more apparent.
🚨🇺🇸SAN FRANCISCO’S PROP C - CAUSING MORE HARM THAN GOOD? Thanks to Prop C, a tax primarily targeting tech companies, San Francisco’s Department of Homelessness and Supportive Housing has received increased funding, which they said would reduce homelessness. The tax has driven… https://t.co/SNzVXSu2Mt
"San Francisco’s spending on homeless services increased from $200 million in 2016 to an astronomical $1.1 billion in 2021. Despite this investment, on an average night there were a thousand more homeless San Franciscans in 2022 than there were in 2015." https://t.co/0gV9fm75S8
Prop C, while certainly well-intentioned, has actually amplified the homeless problem and forced businesses that operate on very slim margins, like payments companies, to leave the city or go bankrupt. It must be repealed. https://t.co/RMDYDMyZxS
San Francisco’s Department of Homelessness and Supportive Housing (HSH) has seen a sharp uptick in funding since 2020. Much of the revenue came from 2018's Prop C, a tax targeting SF tech companies. Voters were assured the measure would reduce homelessness with a minimal impact… https://t.co/XTkUH5ZPUT
tldr the largest tax in san francisco history, meant to fund "homeless initiatives" w/o any actual plans, led to companies abandoning downtown sf and homelessness *increasing* https://t.co/XY0MJ3uhdC
our refusal to revisit prop c is insane. in 2018, the vote triggered a massive tech schism, with folks like collison and dorsey maligned by benioff as uncaring of the homeless. now fintech has fled SF, and there are more homeless. we're just... not going to talk about this?
important retrospective on prop c, which was — as predicted by the few sane voices speaking up in 2018 — an unmitigated disaster for san francisco. @Benioff should answer for the despicable role he played in running startups out of the city. he won't. https://t.co/BAA0kT8KLl
Prop C. The greatest boondoggle of the radical left in San Francisco to date. Why? "But data shows San Francisco’s homeless population has increased since the measure went into effect," Someone's pants are on fire. https://t.co/ZMhk52KtYD
No one is accountable SF Taxed Fintech Out of the City to Solve Homelessness. 6 Years Later, the Problem's Worse https://t.co/Xw6lJgs1R8
The legacy of Prop C? It did nothing to reduce the city's homeless population, which continues to rise. It brought no accountability to HSH, which continues to mismanage its massive budget. And it crippled the city's burgeoning fintech ecosystem. A complete policy disaster. https://t.co/s8AuhH2RMU
"In other words, the legacy of Prop C was not that billionaires paid their ‘fair share’ to help the indigent; it was that a confiscatory tax, used to fund a now-$700 million a year homeless services industry, drove successful tech companies and jobs out of the city." https://t.co/s8AuhH2RMU
In 2018, San Francisco voters approved Prop C, the largest tax increase in city history. Its advocates claimed the measure — which levied a tax on businesses generating over $50 million in gross receipts and allocated those funds to homeless services — would make a clear impact… https://t.co/r4uVwEqS8z
Prop C was a mega own-goal for SF. 37% of offices are now vacant. $700M in tax dollars is funneled to nonprofits like Coalition on Homelessness that defunded shelters and recovery in SF, forcing on a do-drugs-until-you-die policy that doesn't work. https://t.co/Hhlgdkar2x https://t.co/Ux2ZcTHVa0
So many bad non-profits making it so hard for the good ones to get funding to do the real work. This article is an astounding takedown of TODCO in San Francisco and others. It's a must-read. https://t.co/uhSv5m61C0
TODCO is the embodiment of the corruption, NIMBYism, and incompetence that runs San Francisco. Look them up. They are an affordable housing non-profit that has blocked LOTS of housing. They have weaponized their non-profit status, the planning department, permitting, public… https://t.co/cwiZmeBmlR