November 8, 2018
San Francisco voters passed Proposition C, the homeless tax measure designed to help solve a homeless problem. The measure won 60% of the vote, and promises to pump more money toward the city’s homeless programs than ever before.
Corporations with revenue above $50 million will be charged roughly 0.5% in gross receipts tax. That is estimated to raise between $250 million and $300 million annually, which nearly doubles what’s currently being spent on homeless services and housing. The new tax would apply to as many as 400 companies, or roughly 15 to 20% of the city’s job base.
Since the measure didn’t secure two-thirds of the vote, it could still be challenged, a move that potentially delays implementation.
The funding would be allocated to these areas;
– At least 50% for permanent housing for homeless people
– 25% for mental health services
– up to 15% for services for recently homeless or those at risk of becoming so
– up to 10% for emergency shelter and hygiene programs
For comments, questions or concerns, please contact Dennis Kaiser