Good evening sf.citi members,
I am writing to provide a brief update on the recent “Mental Health SF” legislation that Supervisors Hillary Ronen and Matt Haney are planning to introduce at the June 4th Board Meeting. This legislation “would center around the construction of a new treatment center… that would be open every day, around-the-clock”. It would open by June 1, 2022. Supervisor Ronen and Haney stated they don’t know how much construction would cost, but have asked [Supervisor] Mar to commit “half of the revenue from his IPO tax to build it”, according to this morning’s SF Chronicle announcement.
This legislation would also be funded through a CEO tax, which is defined by a surcharge towards a CEO making in excess of 100x their employees’ median income. It will establish a 0.1% surcharge of the company’s gross receipts and will increase by 0.1% per 100x multiple of the CEO salary to median employee income. For example, if a CEO makes 200x the median employee then the tax will be 0.2%. A similar tax recently began implementation in Portland, Oregon. Intended for the November ballot, this legislation would need a 2/3 vote as the resources would be specifically directed for an expansion of mental health services.
sf.citi will be hosting a meeting with Supervisor Ronen and member companies soon, and we will keep you updated on any new developments.
Feel free to reach if you have any further questions and, as always, thank you for your continued membership.
Jen
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