Good afternoon!
Whether you think it means boom or imminent doom, it’s happening: Anthropic and OpenAI are going public, generating nearly $2 trillion. Annelise Bowers reports on why this tsunmai of cash is not going to raise all boats in San Francisco. And with no income tax, no “IPO tax,” and a scaled-back payroll tax, the city isn’t going see much revenue.
Eleni Balakrishnan reports that Mayor Daniel Lurie and Supervisor Bilal Mahmood, saying they want to prioritize revenue, have proposed a “Foreclosure Tax” ballot measure to stop the transfer tax exemption for foreclosed commercial properties.
But will this be a way for the mayor and Mahmood to put their larger “BUILD” tax cut back on the table? See the back story on the controversial proposal to cut real-estate transfer taxes in half.
In more election fallout, Lori Brooke has dropped out of the November race for D2 supervisor, after losing 69-31 to mayoral ally Supervisor Stephen Sherill.
More soon,
Sara
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Latest News
Anthropic and OpenAI are going public. What does it mean for San Francisco?
“Itโs not like a trillion-dollar IPO turns into a trillion dollars of spending.”
Lurie, Mahmood introduce โForeclosure Taxโ ballot measure
“Corporate capital, hedge funds, corporate lenders โ when they transact off of foreclosures, they should pay the same tax like every other seller in San Francisco.”
Lori Brooke drops out of November D2 supervisor race, clearing Stephen Sherrillโs path
“Sherrill had about $1.4 million backing him, including from third-party PACs.”
Back Story
Lurie, Mahmood hit brakes on controversial tax cut
“Even sellers of properties of $10 million or more that provided no new housing or construction work would receive a hefty tax break.”
SNAP
Tutuhuahua
By Hamza Fahmy
Events
Tomorrow: Communal Table: Hot for Teacher Edition, Drawing Room Annex, July 12, 6-9PM
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