Chepe

The silent business killer that will sink San Francisco... Prop C - Gross receipts tax on companies' revenue above $50m. This is a well intentioned law that was supported by the far left and certain members of the business community like @Benioff but it has been a disaster. It was passed in a pre-pandemic era when the assumption was tech companies HAD NO CHOICE but to operate in San Francisco. That is no longer the case. Stripe and many others left the city because of Prop C. Now it's seamless to establish your HQ anywhere and operate as remote or hybrid to dodge the tax. If you are a multinational corporation or bank it's almost malpractice to have your HQ in SF because of Prop C. Another key design flaw that kills business, especially growing tech companies is that it's a tax on gross receipts (revenue) not profit. Worst of all... The funds have not helped the homeless situation. The fine print of the law stipulates most, if not all, of the funds have to go to "Harm Reduction" solutions meaning no shelters and more tents. San Francisco is already screwed from a revenue perspective but if you run a scenario analysis and model a few large tax payers leaving, the city is F****d! We need to repeal Prop C. The next generation of companies will leave when they get big enough if we don't. P.S. Even if we repeal Prop C we'll still be the heaviest taxed city in the country!!