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October 15, 2016 12:00 am

Billionaire Tech Investors Support Divisive Plan To Ban San Francisco's Homeless Camps

An anonymous reader shares a USA Today report: The images are startling: Homeless men, women and children huddled on the streets of the San Francisco Bay Area -- often in the shadows of start-ups and high-tech behemoths generating billions of dollars in wealth. It's a stark contrast that has gripped the region, and prompted four county measures on the Nov. 8 ballot to generate $3 billion over the next 25 years for affordable housing and services. Under the most-ambitious measure, San Francisco Mayor Ed Lee has proposed a 0.75% increase in the sales tax, to 9.5%, to raise $50 million a year. Propositions J and K would generate $1.2 billion for the next quarter-century via a simple majority. "There is clearly not enough affordable housing, or housing at any level," says Kevin Zwick, CEO of Housing Trust Silicon Valley.TechCrunch adds: The debate over what to do about San Francisco's homeless population has been building for awhile among the many startups and residents here. But now tech billionaires Ron Conway, Michael Moritz and well-to-do hedge fund manager William Oberndorf have each thrown about $50,000 behind a measure to rid San Francisco of its homeless tent cities. Other notable investors, including Yahoo CEO Marissa Mayer's husband and venture capitalist Zach Bogue, have also donated. Bogue reportedly gave about $2,500 to support it.

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