NYC Boss

NYC Boss

Zuckerberg Spends $11 Million to Overturn Calif. Prop. 13

Zuckerberg Spends $11 Million to Overturn Calif. Prop. 13

Facebook CEO Mark Zuckerberg paid nearly $11 million in hopes of striking down a law that caps property taxes, which some say has limited the amount of funding that can go to schools and housing, according to Recode.

Proposition 13 puts a ceiling on residential and commercial property taxes by essentially evaluating the worth of based on the value in 1976.

Homeowners and business owners like the measure, critics have said schools and other social services have taken an economic hit.

Through his wife’s Chan Zuckerberg Initiative, Zuckerberg has given millions of dollars to kill the bill, including more than $4.5 million this month alone. The social media mogul is promoting the Prop. 15 measure, which would raise between $6.5 billion and $11.5 billion in property taxes for business property owners in the next six years.

“If he thinks more money should go to education, why doesn’t he pull in some of his money from overseas and put that money into education?” said Rob Lapsley, who runs the California Business Roundtable, which opposed Prop. 15. “There’s a lot of bad feelings in the business community toward him and what he’s doing on this.”

In 2010, Zuckerberg’s initiative donated $100 million to Newark, New Jersey, public schools. But many in that community said the money did not help much.

Published at Tue, 13 Oct 2020 02:32:34 +0000