Community Advocates Applaud Supervisors’ Introduction of Revenue Measure to Curb Housing Affordability Crisis

FILE - FEBRUARY 5: Twitter is set to announce its fourth quarter earnings on February 5, after the market close. SAN FRANCISCO, CA - FEBRUARY 05: A sign is posted on the exterior of the Twitter headquarters on February 5, 2014 in San Francisco, California. Twitter reported fourth quarter revenue of $242.7 million, beating analysts expectations $217.82 million in revenue in their first quarterly report. (Photo by Justin Sullivan/Getty Images)

San Francisco – Today, San Francisco Supervisors Eric Mar and Aaron Peskin introduced the Homeless and Housing Impact Technology Tax, a measure that would assess a tax on large technology corporations based in the city to ensure they pay their fair share to mitigate their impact. Revenue will fund solutions to the affordable housing and homelessness crisis.

“This measure is a vital step toward ensuring all San Francisco residents can stay in the homes they love. We call on the city’s supervisors to approve the Housing Impact Technology Tax to shift the tax burden away from working families and mom and pop shops, and hold the booming technology sector accountable for its role in the housing crunch,” said Gordon Mar, Executive Director of Jobs With Justice San Francisco, which supports the measure.

The ballot measure would bring in an estimated $120 million in annual revenue to expand and preserve affordable housing, and help address the technology industry’s outsized impact on skyrocketing rents, costs of living, and instability for longtime San Franciscans and small business owners.

Polls have shown that affordable housing development has widespread public support. However, it is costly, and the city has not generated enough funding to address the void, despite the recent housing bond and other measures.

The growth of the area’s technology firms also contributes to the rise of homelessness in our city. Solutions like the Homeless and Housing Technology Tax would help fund services and supportive housing for the homeless, and should disincentivize city leaders from backing more punitive, and less humane plans.

“In the ten years I have lived in San Francisco, this city has been for sale. We are losing teachers, families, the working and middle class. My partner and I are both educators, and our combined income doesn’t give us the ability to buy a home in San Francisco. Our elected officials have a responsibility to represent our interests. We need real housing investments in San Francisco to protect the residents that are here,” said Maria Lourdes Nocedal, a teacher and member of ACCE.