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Panel review finds mixed economic gains, limited community benefits from Central Market tax exclusion
Summary
A City hearing on the Central Market (mid‑market) payroll tax exclusion found strong business growth and changing industry mix in the area but citizens and community groups told the committee the promised community benefits largely failed to prevent displacement; city staff said confidentiality and program design constrained oversight and promised to compile more quantitative reporting.
A full‑day hearing on June 6 reviewed the outcomes of the Central Market payroll expense tax exclusion (often called the mid‑market or “Twitter” tax break). The session drew city staff, the Controller’s Office, planning and economic development officials, members of the Citizens Advisory Committee (CAC), and numerous community witnesses.
Ted Egan of the Controller's Office summarized independent economic analysis: the city forewent notable payroll tax revenue in select years (for example, roughly $35 million in 2014 and $16 million in 2015), and an estimated aggregate of about $70 million across the program. Egan's update showed faster growth in business tax receipts in the Central Market area than citywide (more than 600% growth in some measures from 2010–2017 versus roughly 118% citywide), a technology‑led shift in the area's industry mix, faster rent increases in adjacent zip codes, and a simultaneous pattern of socioeconomic change in…
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