There is a growing divide in SF right now between those who believe embracing billionaires will improve our city, and those who believe billionaires should be taxed and driven from the public sphere. Our Mayor and the majority of the Board of Supervisors believe we should celebrate billionaires, partner with them in “public-private partnerships,” and rely on their philanthropy instead of taxing them. Most people do not share this view. Taxes on billionaires have been consistently approved by voters, and polls show deep suspicion of billionaires, especially tech billionaires.
The present moment in San Francisco is a zero-sum game in which every victory for billionaires is a loss for San Franciscans. San Franciscans understand that only billionaires benefit from billionaires, and that the more billionaires win, the more the rest of us lose.
When billionaires profit off real estate, rents go up.
When corporations increase executive pay, customers pay higher prices and workers see their raises going to the bosses.
When developers get unconditional upzoning, our beloved legacy businesses are shut down.
When crypto-bro Chris Larson buys SF surveillance infrastructure, residents lose privacy.
When billionaires and their politicians secure lower taxes, neighborhoods lose essential services – like OCEIA ambassadors, outreach workers, and food programs.
Through real estate holdings, corporate ownership, surveillance, and political spending, billionaires are determining who gets to live in San Francisco, who gets to gather in public, what small businesses can survive, and how you get around. Too often, we’re losing our neighbors, longtime restaurants, music venues, and community spaces that bring us together. Anyone who has been in San Francisco for a while can feel the difference. San Francisco is rapidly losing the diversity and culture that has defined the city for generations.
Beloved music venue Thee Parkside’s closure hits home for those of us who love San Francisco. The business is closing so the property owner can sell it to a developer who will knock the building down and build luxury condos. The graffiti on the wall tells the story: This will be condos you cannot afford. Some billionaire will make a fortune, but for everyday San Franciscans, losing these venues sucks.
This simple rule of thumb that explains so much of what is happening in San Francisco today: Every time a billionaire wins, we lose something we love.
