SAN FRANCISCO (KCBS) – Proponents of a plan to tax San Francisco technology companies to raise money for affordable housing and homeless services are planning to take their campaign to the ballot box.
A plan to put a 1.5 percent payroll on tech companies before voters this November died in a committee of the San Francisco Board of Supervisors on Monday.
Supporters of the tax said they will gather the signatures needed to put the payroll tax on the 2017 ballot instead.
Supervisor Mark Farrell is among those who is opposed to the so-called “tech tax.”
“The last thing we should be doing as a city is putting a tax that is, by every third party analysis, is predicted to be a job killer,” Farrell told KCBS.
Kung Feng with Jobs for Justice San Francisco said the technology industry bears a unique responsibility to help address the housing crisis, given how many new workers it has attracted to the city.
“Unfortunately we missed the deadline for this November, that’s why it was a disappointment. And we see a growing pattern of tech influence at City Hall,” Feng said.
The tax on payroll and tech company stock options would raise an estimated $120 million a year.