Could taxing tech companies fight homelessness?

Tech hubs have boosted local economies across the country, especially in West Coast markets where the majority of them call home.

But these thriving businesses often come at a cost and the price might be too high.

On Election Day, San Francisco Bay Area voters will decide if large corporations can be taxed to offset issues tech companies have escalated, according to an article from NPR. 

The article explains that the propositions address the burden that rapid job growth has placed on public transportation and housing affordability.

Earlier this year, it was revealed that California’s homeless population jumped 13.7% year-over-year, signaling a growing divide between America’s haves and have-nots. In California’s case, tech companies have a lot, and some business groups fear tax hikes could force them to relocate.

Despite this, the article states supporters of the proposal believe these taxes are a social responsibility.

From the article:

These supporters say the corporate philanthropy has been insufficient to take on the Bay Area’s problems like homelessness and transportation. They argue that a steady funding stream must be created to pay for services.

Article source: https://www.housingwire.com/articles/47315-could-taxing-tech-companies-fight-homelessness

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