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The Twitter Tax Break was a bad idea

June 11, 2019

By Zachary James : 48hills – excerpt

Supes hearing shows the negative impacts of the Central Market deal that helped make SF a tech hub

Eight years after the city decided to use tax breaks to turn central market into a tech hub, the evidence suggests that the impacts of the measure were at best dubious – and at worse bad for the city – a hearing at the Board of Supes showed.

Sup. Aaron Peskin even said at the hearing of the Government Audit and Oversight Committee that the tax break was a terrible idea and “antithetical to good taxation policy.”…(more)

The primary results of the tax break seem to be escalating land values, empty storefronts, homeless tents, and gridlock on our streets. The tech boom has not trickled down to the non-tech economy. It has created a huge divide between the ultra rich and the ultra poor and is working on killing off the middle class and local businesses. San Francisco has become a one-horse town with a ferocious appetite for taxes to pay for the growth that most residents resent.

Now that we know about big tech’s investment in politics through LLCs, who will investigate tech’s real estate holdings? Tech supports development because they benefit from rising land values. What will our city authorities do about that?

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