San Francisco’s Board of Supervisors just voted to create of a payroll tax exemption zone. The tax exemption zone envelopes the blighted mid-Market and Tenderloin areas.
The city is redevelping all of Market st. as part of the Better MArket Street Project and wants to see a beautiful revamped boulevard stretching from the Embarcadero Ferry Buidling, past the new Transbay project up to mid market with this tax break to keep startups that find success here, all the way up to the new Octavia projects in Hayes Valley.
Twitter, has said that it plans to move into a building within the zone if the payroll tax exemption legislation is passed. Shorenstein has recently bought the building Twitter is thinking of moving to and now that the tax exemption is passed, it seems likely we will keep them from moving to the peninsula.
Even though the city will lose tens of millions of dollars in payroll taxes we sorely need, if we didnt do this, we would have lost Twitter and those that will follow and we may never have gotten Shorenstein interest. This is a win for the city as a tech center that will continue to draw talent and money and most especially a win for the mid market area we would all like to see develop smartly...
Besides if Twitter moved we wouldnt have had those taxes anyway.