*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
U.S. Adds Disappointing 210,000 New Jobs In November
It's a mixed bag for the November jobs report. Hiring slowed last month as employers only added 210,000 jobs, massively missing the estimate of 550,000. But there was one bright spot: the unemployment rate fell to 4.2%, with the number of unemployed people dropping to 6.9 million. Both of those numbers are considerably down from their highs at the end of the 2020 recession. Heather Boushey, a member of President Biden's Council of Economic Advisers, joined Cheddar to discuss the report and the state of the country's ongoing economic recovery.
The State of The U.S. Supply Chain Ahead of the Holiday Season
As the U.S. continues to face supply chain shortages, President Joe Biden is reassuring U.S. consumers that the supply chain is in "very strong shape" ahead of the all-important holiday season. As supply bottlenecks start to show signs of improvement, the industry may be faced with yet another challenge: the Omicron variant. Rob Caucci, Co-Founder & Co-CEO of Fillogic joined Cheddar's Opening Bell to discuss.
Markets Rebound After Friday's Sell-Off
Markets rebounded Monday morning after Friday's deep sell-off that saw the Dow suffer its worse day since 2020. It comes as investors continue to react to the impact of the omicron variant on the broader reopening. Eddie Ghabour, Co-Owner at the Key Advisors Group joined Cheddar's Opening Bell to discuss.
Markets Stage Comeback After Omicron-Driven Sell-Off
Markets bounced back this morning with travel leading the gains after plunging on Monday as the first case of Omicron was detected in the U.S. Jimmy Lee, CEO, Wealth Consulting Group joined Cheddar's Opening Bell to discuss.
Markets See Unrest as Omicron Variant Fears Grow
The market saw investors react to comments by the World Health Organization's chief scientist, who suggested existing vaccines are likely to offer protection against the new variant. According to Thomas Hayes, chairman of Great Hill Capital, the next two weeks will be crucial as the markets watch for not only the effects of the Omicron variant, but also the Fed's decision on a taper.
Possible Omicron Superspreader, Shutdown Averted & Love, Hate, Ate
It's Friday at long last. Jill and Carlo cover the latest on Omicron, including a possible superspreader event in NYC. Plus, previewing the November jobs report, a new Zoom feature no one asked for, and when it's no longer a good idea to eat Thanksgiving leftovers.
Supreme Court Abortion Case Could Impact Midterm Elections
Following the Mississippi abortion case, the fate of Roe V. Wade is at stake. A decision is expected next summer, right around the time midterm candidates will be making their cases to voters. Laura Packard, executive director of Health Care Voter, joins Cheddar News to discuss how the ruling will impact upcoming elections.
Global Markets Impacted By Omicron Fears
Stock markets around the world continue to be impacted by fears of the new Omicron COVID-19 variant. President Biden today reiterated his stance that the new strain is cause for concern, but not cause for panic. Wells Fargo Investment Institute Global Equity Strategist Scott Wren joined Cheddar News' Closing Bell to discuss.
Load More