San Francisco voters passed Proposition C yesterday with a 60% majority, Recode reports.
The proposition establishes a tax between 0.175% and 0.69% on the gross income of businesses reporting over $50 million in annual turnover, along with a 1.5% payroll tax for certain companies with $1 billion in turnover to fund housing and homeless services. The city predicts it will generate between $250 million and $300 million to help needy causes.
It already set off a multi-million dollar funding battle among tech titans: Salesforce CEO Mark Benioff and Twitter CEO Jack Dorsey exchanged barbed tweets and campaign contributions in the lead-up. Executives at Lyft, Stripe, Sequoia Capital, and others either donated or spoke out against the tax.