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Homeless tax on business OK'd in San Fran

(CNBC) — The controversial San Francisco “homelessness tax” that divided the tech industry passed, according to poll tallies Tuesday night.

Proposition C will increase gross receipts taxes for companies with more than $50 million in annual revenue by an average of 0.5 percent, generating up to $300 million a year to combat the city’s homelessness crisis through initiatives like new beds in shelters and increased mental health services.

Prop C had both vocal proponents and vehement detractors in the tech industry.