Statewide business tax could bring new money to tackle homelessness – The San Francisco Examiner

Statewide business tax could bring new money to tackle homelessness - The San Francisco Examiner

Large companies doing business in California would see their tax rates increase under a state bill announced Wednesday to generate $ 2.4 billion a year to tackle homelessness. It has already attracted great support from the mayors of Oakland and Los Angeles.

The tax hike would apply to businesses with annual profits exceeding $ 5 million under House Bill 71, known as the Bring California Home Act.

Money would go to cities to increase affordable housing and rent assistance, shelter beds, permanent supportive housing, and employment services.

Oakland Mayor Libby Schaaf called it “the most inspiring response to this moral crisis of homelessness that I have seen in my entire career in public service.

“AB-71 is the first sufficiently comprehensive and large-scale proposal to end homelessness for good,” Schaaf said at a virtual press conference on the unveiling of the bill.

Meanwhile, San Francisco Mayor London Breed has yet to …

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