In 2018, San Francisco voters approved Proposition C, the largest tax increase in the city's history, which levied a tax on businesses generating over $50 million in gross receipts. The measure aimed to allocate these funds to homeless services. However, six years later, the city's homeless population has continued to rise, and the policy has faced significant criticism. Critics argue that Prop C has failed to reduce homelessness, brought no accountability to the Department of Homelessness and Supportive Housing (HSH), and negatively impacted the city's fintech ecosystem. Approximately $700 million in tax dollars is funneled to nonprofits like the Coalition on Homelessness, which some claim has defunded shelters and recovery programs. The measure is also blamed for driving successful tech companies and jobs out of the city, with 37% of offices now vacant. Critics like Marc Benioff have been called out for their role in supporting the measure.
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
That is correct. Then Prop C happened and Tipping Point also went down the nonprofit rabbit hole… https://t.co/nPmtGsDvnK