Homepage / Technology / San Francisco's mayor oversaw tax break that helped spark a new tech boom in the city
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election


San Francisco's mayor oversaw tax break that helped spark a new tech boom in the city

San Francisco Mayor Ed Lee, who had longstanding ties with the tech community, died unexpectedly early Tuesday morning.

During his tenure since 2011, Lee brokered a temporary tax break to attract tech companies to the city over Silicon Valley, located to the south.

The payroll tax breaks, informally dubbed the “Twitter tax break,” temporarily exempted companies from paying the city’s 1.5 percent payroll tax for companies that moved into buildings in San Francisco’s mid-Market neighborhood. The tax break was particularly beneficial for companies going public, as the value of employee stock options and grants would have been included in the tax.

Companies that took advantage of the tax break to locate there included Twitter, Zendesk, Uber, Pinterest, Dropbox, Airbnb, Yelp, BitTorrent, Square, and Slack.

Square, Twitter and Zendesk have all gone public since the exemption went into effect in 2012.

While some new tech companies chose to build new headquarters in the city, some other tech giants expanded their footprint in San Francisco to capitalize on the growing talent pool in the city. Google, LinkedIn, Yahoo, and Cisco have opened big offices in San Francisco since 2011. Salesforce has expanded its presence in San Francisco, and will be the main occupant of the Salesforce Tower, which will be the tallest building in the city at 1,070 feet when it’s finished in 2018.

The incentive and subsequent tech boom has been blamed for sparking the city’s housing crisis, with higher tech salaries inflating housing costs and pricing out lower wage workers from the city. While Lee tried to address the crisis through housing programs (most recently, an initiative to increase housing production by 160%), he was also an advocate for tech companies.

During 2014 protests directed at Google buses shuttling tech employees to work, Lee said during a Commonwealth Club event, “I understood what those protests are at Google buses and so forth, but it didn’t make a lot of sense to me because all people were doing was trying to get to work.”

Lee also forged partnerships with tech investor Ron Conway, and told a TechCrunch Disrupt audience in 2012 that he visits tech companies once a week, dubbing those events “Tech Tuesday.”

And in a rare public display of playfulness, former Yahoo CEO Marissa Mayer made an appearance in a rap video endorsing Lee’s campaign in 2011.

Lee most recently attended a red-carpet event at NASA’s Ames Research Center in Mountain View, a black-tie gala honoring the world’s top physicists, biologists, and mathematicians. Other names at the star-studded event included Ashton Kutcher, Mila Kunis, Sergey Brin, and Arianna Huffington.

Prominent leaders tweeted their condolences. Among them was Salesforce CEO Marc Benioff, who wrote, “I’m so sad to hear of the passing of Mayor Ed Lee, one of the nicest & kindest leaders I’ve ever known.”

YouTube CEO Susan Wojcicki tweeted, “So saddened to hear of the sudden passing of San Francisco Mayor Ed Lee.”

London Breed, the President of the SF Board of Supervisors, became acting mayor of San Francisco following Lee’s death.

Source: Tech CNBC
San Francisco's mayor oversaw tax break that helped spark a new tech boom in the city

Comments are closed.