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San Francisco Appears To Pass Business Tax To Fund Homeless Services

KCBS Radio Overnight News
November 06, 2018 - 11:41 pm

San Francisco voters passed Proposition C, a divisive measure that will tax some businesses to help fund homeless services, according to initial election results. 

With 99 percent of precincts reporting on Tuesday night, nearly 60 percent of voters cast their ballot in favor of the so-called homeless tax.

It aims to raise $300 million by levying a roughly 0.5 percent tax on business with $50 million in annual revenue. That tax revenue is double what the city spends annually on the thousands of homeless people in shelters and living on the streets. 

That affects from 300 to 400 businesses, according to a city study

Salesforce CEO Marc Benioff was one of the most notable proponents of Prop C. 

"We need everything that you can think of to help these people and it's going to cost a lot of money," Benioff said on KCBS Radio last week. 

Opponents included San Francisco Mayor London Breed and Twitter CEO Jack Dorsey.