San Francisco Passes Homeless-Aid Tax That Divided Tech CEOs
- Proposition C expected to raise about $300 million a year
- Saleforce’s Benioff was big advocate; Square’s Dorsey opposed
Photographer: Josh Edelson/AFP via Getty Images
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San Francisco voters approved a tax increase on large businesses to boost services for the homeless, an initiative that was opposed by the mayor and had divided leaders of the city’s booming technology industry.
The ballot initiative, Proposition C, calls for an additional tax of at least 0.175 percent on businesses’ gross receipts above $50 million. It’s expected to generate about $300 million a year for homeless aid, roughly doubling the city’s current funding. About 60 percent of voters were in favor of the initiative with all precincts reporting, according to the San Francisco Department of Elections.