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Prop C will impose a tax on the gross receipts of companies with more than $50 million in annual revenue and use that money to expand homeless services. It will help collect $300 million a year, nearly doubling what the city now spends on homeless services.
The debate of this proposition divided city leaders and even sparked social media showdowns between some of the most prominent tech CEO's, including Salesforces's Marc Benioff, Twitter's Jack Dorsey, and Zynga's Mark Pincus.
RELATED: Prop C - taxing big businesses to help SF homeless
Benioff has been the most outspoken supporter of Prop C in the business community.
"Unfortunately, some CEOs still are myopic & believe that they have a fiduciary duty to shareholders alone, with little or no responsibility to the communities in which they do business," he tweeted on Friday. "I see business as the greatest platform for change."
Unfortunately, some C.E.O.s still are myopic & believe that they have a fiduciary duty to shareholders alone, with little or no responsibility to the communities in which they do business. I see Business as the greatest platform for change. Yes on Prop C! https://t.co/l9U3B6rbIt— Marc Benioff (@Benioff) November 2, 2018
Salesforce would pay $10 to $11 million a year under the proposition, according to Benioff.
The criticism of Prop C centered on two main issues -- that it would impact companies in different ways and that it just throws money at an issue without a good framework to make sure the money is managed and spent in a responsible way.
RELATED: 'No on Prop C' spokesperson explains why it isn't answer to homelessness in SF
Mayor London Breed spoke openly about that latter issue and is against the proposition.
Twitter's Dorsey backed the mayor's position in a tweet last month.
While I understand an influx of cash is attractive, the mayor has said she doesn’t have the accountability or controls she needs to manage it well. Ultimately, she is the only one on the hook to make this work. If she doesn’t feel she can, we need to listen and understand why.— jack (@jack) October 19, 2018
"While I understand an influx of cash is attractive, the mayor has said she doesn't have the accountability or controls she needs to manage it well. Ultimately, she is the only one on the hook to make this work. If she doesn't feel she can, we need to listen and understand why," he tweeted.
One of Dorsey's other companies, Stripe, explained their opposition this way:
"We're happy to pay higher taxes as part of doing so, a position we've made clear from the start. If homelessness was just a question of money, this issue would already be solved. While well-intentioned, it is San Francisco's largest-ever tax increase, and comes with no systemic changes or effective accountability."
RELATED: Saleforce's Marc Benioff pushes for Proposition C in San Francisco
Zynga Pincus was a bit more blunt.
"Prop C is the dumbest, least thought out prop ever."
Pincus & Benioff have been going at each other over Twitter for the last several weeks, including this latest exchange on Monday:
What I Love about debating my friends on why I am “Yes on Prop C”: 1)they have no experience on homelessness 2)they have done almost nothing for the homeless 3)they have no plan 4)they don’t want to pay & 5)they put themselves first over the homeless. https://t.co/HQPb70hl81— Marc Benioff (@Benioff) November 5, 2018
My concern w/ Prop C has nothing to do w/ cost to me. Economic impact to Zynga would be small. Homelessness is one of sf’s biggest issues. Prop C gives our city no flexibility in addressing the problem, which is why even our mayor, who has made this #1 priority, is against it.— mark pincus (@markpinc) November 5, 2018
The question that many have speculated about Prop C: if voters approve it, how will the business community respond?
There's been speculation that some businesses may leave the city, but one of the biggest Prop C opponents, Dorsey, does not seem to be mulling that option.
Wow, would really hate to leave SF. I’d like us to stay here and help fix the crisis.— jack (@jack) October 22, 2018
"Wow, would really hate to leave SF. I'd like us to stay here and help fix the crisis," he said.
Take a look at full coverage on the 2018 election here.