{"id":5718,"date":"2013-11-10T21:55:25","date_gmt":"2013-11-11T05:55:25","guid":{"rendered":"http:\/\/www.fogcityjournal.com\/wordpress\/?p=5718"},"modified":"2013-11-12T07:29:21","modified_gmt":"2013-11-12T15:29:21","slug":"san-francisco-residents-protest-corporate-tax-breaks-following-twitter-ipo","status":"publish","type":"post","link":"https:\/\/www.fogcityjournal.com\/wordpress\/5718\/san-francisco-residents-protest-corporate-tax-breaks-following-twitter-ipo\/","title":{"rendered":"San Francisco Residents Protest Corporate Tax Breaks Following Twitter IPO"},"content":{"rendered":"<div id=\"attachment_5721\" style=\"width: 510px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5721\" class=\"size-full wp-image-5721\" alt=\"A demonstration was held outside Twitter headquarters on Thursday to draw attention to sky-rocketing rents and evictions tied to an influx of high-income tech workers in San Francisco.  Photos by Ginny Cummings.\" src=\"http:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4472_std.jpg\" width=\"500\" height=\"333\" srcset=\"https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4472_std.jpg 500w, https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4472_std-300x199.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><p id=\"caption-attachment-5721\" class=\"wp-caption-text\">A demonstration was held outside Twitter headquarters on Thursday to draw attention to sky-rocketing rents and evictions tied to an influx of high-income tech workers in San Francisco. Photos by Ginny Cummings.<\/p><\/div>\n<p><strong>By\u00a0<a href=\"http:\/\/www.fogcityjournal.com\/wordpress\/author\/mdoyle\/\">Mackenzie Doyle<\/a><\/strong><\/p>\n<p>November 10, 2013<\/p>\n<p>Impacted by sky-rocketing rents and evictions, San Francisco residents demonstrated Thursday outside Twitter headquarters following the social media company\u2019s highly anticipated first day of trading on the New York Stock Exchange.<\/p>\n<p>The noon rally \u2013 co-organized by a coalition of groups including SOMCAN, Bill Sorro Housing Program, SEIU, Senior and Disability Action, Eviction Free San Francisco, and the San Francisco Housing Rights Committee \u00a0\u2013 \u00a0was held to protest what some are calling \u201ccorporate welfare\u201d in the form of payroll and stock-option tax breaks worth as much as $56 million gifted by the city to Twitter and other tech companies in an effort to spur economic growth, while displacement and gentrification impacts to residents, including low-income seniors and disabled tenants, have been largely overlooked.<\/p>\n<p>Initially offered at $26 per share, Twitter\u2019s share price almost doubled at the end of Thursday&#8217;s trading session, closing at $44.90 per share and creating as many as 1,600 new millionaires and an $18 billion company market valuation.<\/p>\n<p>Demonstrators chanted slogans and held signs that read, &#8220;#gentrification,\u201d &#8220;People over profit&#8221;, \u201cNo to evictions,\u201d and \u201c$56 million in tax breaks \u2013 Are you Twittin\u2019 me?\u201d<\/p>\n<p>The influx of high-income tech workers to San Francisco has resulted in an eviction and affordability crisis resulting in a <a href=\"http:\/\/www.sfgate.com\/bayarea\/article\/San-Francisco-evictions-surge-report-finds-4955020.php\">170 percent increase in evictions since February 2010<\/a>, and a median monthly apartment rental rate of $3,414.<\/p>\n<p><strong>\u201cHuge problem\u201d<\/strong><\/p>\n<p>\u201cEvictions have been going up exponentially every month,\u201d said SF Tenants Union Executive Director Ted Gullikson. \u201cEach month is bigger than the last month and over the last year they\u2019ve gone up well over 100 percent.\u201d<\/p>\n<p>\u201cIt\u2019s a huge problem, right now,\u201d Gullikson added.\u00a0 \u201cIt\u2019s a crisis.\u201d<\/p>\n<p>Gullickson said though the city is bound by state law including the Ellis Act, which allows landlords to evict tenants on the basis of repurposing a building\u2019s use including tenancy-in-common conversations &#8211; efforts are underway to implement city policy to discourage evictions by mandating increased relocation benefits as well as prohibiting TIC conversions following an Ellis Act eviction.<\/p>\n<p>\u201cWe are able to go after the motives of the Ellis Act and that\u2019s what we\u2019re going to be trying to do,\u201d Gullickson said.<\/p>\n<p><strong>Photos:<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5719\" alt=\"IMG_4512_std\" src=\"http:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4512_std.jpg\" width=\"500\" height=\"333\" srcset=\"https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4512_std.jpg 500w, https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4512_std-300x199.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5722\" alt=\"IMG_4502_std\" src=\"http:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4502_std.jpg\" width=\"333\" height=\"500\" srcset=\"https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4502_std.jpg 333w, https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4502_std-199x300.jpg 199w\" sizes=\"auto, (max-width: 333px) 100vw, 333px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5720\" alt=\"IMG_4496_std\" src=\"http:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4496_std.jpg\" width=\"500\" height=\"333\" srcset=\"https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4496_std.jpg 500w, https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4496_std-300x199.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5723\" alt=\"IMG_4532_std\" src=\"http:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4532_std.jpg\" width=\"500\" height=\"333\" srcset=\"https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4532_std.jpg 500w, https:\/\/www.fogcityjournal.com\/wordpress\/wp-content\/plugins\/2013\/11\/IMG_4532_std-300x199.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Impacted by sky-rocketing rents and evictions, San Francisco residents demonstrated Thursday outside Twitter headquarters following the social media company\u2019s highly anticipated first day of trading on the New York Stock Exchange.<\/p>\n","protected":false},"author":8875,"featured_media":5721,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1317,127,43,1319,222,17,1321],"tags":[1147,1146,548,65,2537,664],"class_list":["post-5718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-housing","category-law","category-news","category-politics","category-technology","tag-ellis-act","tag-evictions","tag-protest","tag-san-francisco","tag-tax-breaks","tag-twitter"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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