After more than a decade of conversation, San Francisco voters will finally have the opportunity this November to replace The City’s tax on employee payrolls with a tax on the revenues that businesses bring in.
The 1.5 percent tax on business payrolls in excess of $250,000 has long been maligned as a “job killer” and a disincentive for companies to do business in San Francisco, the only city in California with such a tax.
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Tech migration to San Francisco is continuing on a steady pace, with leases inked for more than 1 million square feet of office space in 2012 alone, according to the Mayor’s Office.The figure was released in conjunction with an announcement Thursday that department store retailer Macys.com signed a 15-year lease for more than 240,000 square feet at 680 Folsom St. in the South of Market neighborhood.
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It’s basically now a rule that if there is tech company expansion in San Francisco, Mayor Ed Lee will announce it. There was on Monday — and he did — with the revelation that the networking company Riverbed Technology plans to take over a rehabbed South of Market building and hire up to 650 new employees.
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The invitations are out and the RSVPs are already rolling in from San Francisco tech heavyweights who want to work with city officials to make The City a little friendlier to startup companies.
So far, technology firms and investors such as Yelp!, Twitter, Zynga Inc., salesforce.com, Riverbed Technology, Advent Software, DriverSide, Dorsey & Whitney, Artis Capital Management, and investors Kirk Dizon and Ron Conway have agreed to meet.
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