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Could SF tax new IPO wealth?

March 15, 2019

By Tim Redmond : 48hills – excerpt

Sup. Gordon Mar is raising the issue — and asking about how to make sure the tech companies pay for the impacts they are having on the city.

Supervisor Gordon Mar wants a hearing on the impacts of the IPOs that are the result of the Twitter tax break and that threaten to overwhelm San Francisco with new millionaires.

Mar called Tuesday for a hearing on

how IPOs for large companies affect housing prices, gentrification, traffic congestion, and wealth inequality.

“As a city with one of the largest wealth gaps in the world, we must better understand the consequences of this extreme inequality and rapid injection of new wealth” said Mar. “We have already seen this before. We have already seen new wealth pour into this city, to the benefit of the few, and to the harm of the many.”…

I asked Edward Wright, an aide to Mar, what the policy solutions might entail, and he said that everything is on the table. “But the first thing we’re looking at is a stock-options tax,” he said.(more)

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