As we suspected, the fashionable employees at Twitter don't want to move to Brisbane any more than the city does. The company's CFO penned a letter of intent stating the company would sign a lease at 9th and Market if the Board of Supervisors approve that payroll tax exemption when it's up for vote in the next few weeks. Without the tax break, Twitter says they "would not be able to justify the cost burden of staying in San Francisco."
The payroll tax applies to companies with payrolls greater than $250,000, which by the way is equivalent to the payroll for 2.3 average twitter employees as we learned from today's Budget and Finance Subcommittee meeting. Without the tax break, Twitter would be spending an additional $30 million per year to stay in the city, and the tax break is valued at $22 million.