*By Chloe Aiello* Voters in San Francisco gave overwhelming support on Tuesday to a measure that would tax big tech for the sake of the homeless. And not everyone in the Silicon Valley stronghold is happy. Proposition C, or the “Our City, Our Home” initiative, was easily the most controversial issue on the city's ballot. It proposed a tax on revenue over $50 million ー which would hit about the top 1 percent of corporations ー to help mitigate San Francisco's homeless problem. More than 7,000 people in San Francisco experience homelessness ー a stark contrast to the wealth the tech industry has generated for its own. San Francisco has a "median home price \[of\] $1.6 million, the third most billionaires of any city in the world and one of the most dismaying homeless problems that a U.N. Special Rapporteur last year compared to Bangladesh," Scott Wilson, senior national correspondent at the Washington Post, who has covered the story, told Cheddar on Wednesday. "I think there's a real disconnect between what the public wants to see and what the political class is willing to do especially in trying to avoid irritating tech leaders," he added. The proposition's 10-point list includes efforts to provide more mental health and addiction treatment centers, place sanitation centers and mobile bathrooms on the streets, and expand homeless shelters, among other things. Salesforce ($CRM) CEO Marc Benioff has been one of the initiative's most vocal cheerleaders ー although his company will surely be hit by the proposed tax. "Prop C’s victory means the homeless will have a home & the help they truly need! Let the city come together in Love for those who need it most! There is no finish line when it come to helping the homeless. Thank you amazing supporters of Prop C," Benioff [gushed on Twitter](https://twitter.com/Benioff/status/1060060365193539584), following Prop C's victory. He even reportedly poured about $7 million of his own and his company's money into the campaign, billing homelessness as the responsibility of technology companies that have brought jobs and wealth to the city, while also widening wage gaps and driving up property values. But not all bigwigs in big tech seem to agree. Jack Dorsey, CEO of Twitter ($TWTR) and Square ($SQ), spoke out against the proposition ー much to Benioff's ire. The two tech elites exchanged arguments about the issue on social media in mid-October. "I want to help fix the homeless problem in SF and California. I don’t believe this (Prop C) is the best way to do it," [Dorsey wrote](https://twitter.com/jack/status/1050780155524857856) on the platform he co-founded. "I think that Benioff probably has his hand a little bit closer to the pulse of San Francisco and the people who live there than Jack Dorsey. I mean there is a real frustration, a real concern and a real compassion fatigue among San Francisco residents," Wilson said. Dorsey wasn't alone. Legislators, including Mayor London Breed ー who has vowed to address homelessness ー spoke out against the proposition, which Wilson said just reinforces big tech's influence on the city. "I think what it showed is that big tech still has a big sway over political power in San Francisco and that there's no coherent solution in city hall on how to solve the homeless problem ー and yet voters in approving it are demanding that something be done," he said. For now, the proposition hangs in legal limbo. It did not pass with a full two-thirds legislative majority, which leaves it open to legal challenges from opponents.

Share:
More In Politics
Walmart Draws Ire of Chinese Consumers Over Xinjiang Products
John Quelch, Dean of Miami Herbert Business School, joins Cheddar News' Closing Bell, where he says the retail giant is acting in accordance to President Biden's new law banning goods from China's Xinjiang region. Quelch also elaborates on the importance of China in Walmart's overall strategy.
What to Expect From the Federal Government on Cannabis Legalization in 2022
Cheddar's Chloe Aiello has our cannabis year-in-review, breaking down how several states legalized adult recreational use and greenlit medicinal use in 2021. She noted that while a cannabis legalization and decriminalization bill was introduced in Congress this year, potential FDA involvement in the industry, as well as a 25 percent excise tax, killed any chance the bill had of moving forward. Aiello also speculated that some form of cannabis reform could be rolled out in 2022, as the midterm elections draw closer.
Stocks Close Mostly Lower as S&P Falls From Record
Jim Worden, Chief Investment Officer at Wealth Consulting Group, joins Cheddar News' Closing Bell, where he says the period between Christmas and New Year's is difficult to predict due to a lack of institutional volume, with the Omicron variant adding even more uncertainty on Wall Street.
Gas Prices to Rise in 2022 amid Soaring Demand, Omicron Spread
Prices at the pump this year reached a seven-year high, and a new forecast from GasBuddy shared with CNN predicts that gas prices will only continue to rise in 2022 and that the national average could even reach $4.00 a gallon; however, analysts at GasBuddy say anything could happen when it comes to gas prices in the future, as the pandemic has made it difficult to make any predictions about the economy. Consumer Energy Alliance federal policy advisor Michael Zehr joins Cheddar News' Closing Bell to discuss.
Load More