In the Spring of 2011, the City & County of San Francisco approved the Central Market/Tenderloin Payroll Expense Tax Exclusion — commonly known as the “Twitter Tax Break.”
In so doing, San Francisco’s Mayor and Board of Supervisors gave up what was then estimated to be some $22 million in corporate taxes – revenue that would otherwise be directed to the City’s General Fund to pay for things like public health, social services and public safety.
Now, on eve of Twitter’s scheduled November 7 initial public offering (IPO) on the New York Stock Exchange, documents filed with the Securities and Exchange Commission reveal that the real cost for the City will be north of $56 million.
San Francisco is facing a severe crisis of affordability. An average one bedroom apartment here is $2,800 a month. The city has seen more than 400 more evictions this year than last.
As Twitter merrily tweets its way along the path of creating more billionaires, San Francisco Rising is joining with other community and labor groups — chief among them our member organization the South of Market Community Action Network — for a Twitter Day of Action!
On Thursday, November 7, 2013, the day of Twitter’s IPO, join us to remind Twitter, their corporate colleagues, and City Hall of the responsibility they have to San Francisco’s working class communities!
Who will benefit from the increased investment in our City? What are City policy makers doing to redistribute the staggering wealth that is being created here? Join us!
6:30am – Rally coinciding with Twitter’s IPO offering on the New York Stock Exchange. @Twitter Headquarters: 1355 Market St., San Francisco
12:00noon — Big Rally with community leaders. @Twitter Headquarters: 1355 Market St., San Francisco
5:45pm — Speak Out at the Central Market/Tenderloin Citizen’s Advisory Committee meeting. We demand REAL community benefits agreements!
Sponsored by: Senior and Disability Action, South of Market Community Action Network (SOMCAN), Jobs with Justice, Bill Sorro Housing Program, POOR Magazine/Prensa POBRE, Gray Panthers, Manilatown Heritage Foundation, SEIU-United Service Workers West, Housing Rights Committee SF, SF Rising, and many more!