PayPal Shuttering Its San Francisco Office (techcrunch.com) 32
PayPal is shuttering its San Francisco office as it evaluates its global office footprint. TechCrunch reports: Multiple sources say the payments giant is closing its San Francisco office on 425 Market St. which housed its Xoom business unit. PayPal acquired Xoom, which is focused on online money transfer technology and services, in 2015. A person familiar with internal happenings at the company said the employees that worked out of that office will work virtually with the ability to work from the company's headquarters office in San Jose. It is unclear how many employees are affected by the decision.
An individual who commented on a post on the topic on the anonymous professional network, Blind, speculated that the reason behind the move could be San Francisco's Prop C, which levied a tax upon any San Francisco business that earns more than $50 million in gross receipts. Proceeds are to be directed toward housing and services in an attempt to address the city's challenges with homelessness.
An individual who commented on a post on the topic on the anonymous professional network, Blind, speculated that the reason behind the move could be San Francisco's Prop C, which levied a tax upon any San Francisco business that earns more than $50 million in gross receipts. Proceeds are to be directed toward housing and services in an attempt to address the city's challenges with homelessness.
More Homeless Housing (Score:5, Funny)
Well with Musk turning TwitterHQ into homeless housing, and now PayPal giving up more office space that can also house homeless, seems like SF is well on the way to solving the homeless crisis there as they continue to flush businesses out of the city and state!
Re:More Homeless Housing (Score:4, Funny)
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Right on schedule for September 2024 too.
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As workers leave SF and work at home/remote or in San Jose offices, one thing is certain - they won't be paying SF City income taxes (1.5% of wages for both worker and employer), and eventually SF will stop and take notice of the losses.
Are they still paying workers $60K/benefits to shovel human waste off the sidewalk in SF? Sounds lovely, how's tourism going?
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SF will take notice of the losses by increasing the tax rate. That's what they always do. Oh, and also eliminate more parking spaces to raise parking ticket income.
Getting outta town (Score:5, Interesting)
Folks aren't leaving on the order of Ukrainian refugees, but:
"The San Francisco-Oakland-Berkeley metro area saw the third-highest number of residents in the country packing up and moving between July 1, 2020, and July 1, 2021, with a net migration loss of 128,870 people.
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It's almost like there was a global pandemic allowing WFH. These folks all make $400k/year and decided to Work From Hawaii for a year.
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Hawaii? Rightfully so, and if you cannot find solace in middle America, after living in Norcal, there's but a few places on Earth you could emigrate to that had more expensive living arrangements.
I hope they all truly get 400k annually, and an 8% COLA increase to cover inflation.
Gosh, if they don't, that'll leave very little trickle down for the commoners.
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> find solace in middle America
"Find solace" in red states (Which... you're not fooling anybody... is what you mean by "middle America.") which waste no opportunity to let us know how much they hate us, how unwelcome we'd be, how we're not "real Americans," and in some cases how physically unsafe we'd be if we showed our faces there? And that's just for affluent, cis, hetro, native born WASPs who happen to be from blue states. If we fail to be any of those, you just hate on us more.
And now you're going
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Ever get on an elevator in Texas? The people next to you actually say Hi and ask how you're doing. It's offsetting at first, but pleasant upon becoming accustomed to it.
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Like you don't call middle and southern America racists and bible thumpers.
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you cannot find solace in middle America
I don't know about others, but there's no way to find solace in Middle America/Flyover Country/Red States.
Sure, the pandemic allowed people to WFH, but the pandemic is temporal. Let's say I uproot my family from where I live to WFH in Middle America. Great, now I'm vulnerable to being in a shallow job market if I happen to lose my WFH job or need to quit.
Large metro areas suck when it comes to COL, but that's the price we pay for being in wider and deeper job markets. If I don't like a job, I switch. Ho
Prop C Doesn't Affect This (Score:1)
For employers larger than 1,000, Prop C levies a payroll tax of 1.5% on employees that work within San Francisco. The tax follows the employees, not the physical presence of a building.
The tax is certainly a big cost, but it has nothing to do with this.
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Yes, if they live in San Francisco, and they're working from home, it still applies to them. If they live outside San Francisco, it does not apply to them. You have to tell your employer where you live, so they can comply with local tax regulations.
San Francisco would know by auditing the businesses, the same way they would know if the employer wasn't accurately reporting the number of employees that work there.
Separately, there is no other choice but to deal with supporting the homeless. Prison costs twice
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Separately, there is no other choice but to deal with supporting the homeless. Prison costs twice as much ($80,000/year). What's your bright idea? Spend double on prison? Or do nothing, and live in squalor?
How about not treating homelessness as only a city problem but addressing it at the state or regional* level? Does it really make sense to try to house the homeless in some of the most expensive real estate markets not just in the state, but the country? California is a huge state. But most of the population is concentrated in two major regions. There are vast swaths of minimally or even non populated land where entirely new communities could be built and, for the cost of just a few** years of what SF a
FeePay sucks (Score:2)
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Sure.. .that happened
There are fees, but sending $1 internationally costs an extra $0.99. The actual fee structure for sending money to your friends is a 4.99% fee with a minimum of $0.99.
You can actually see the fees on their page.
https://www.paypal.com/us/weba... [paypal.com]
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425 Market is near Poop Central (Score:4, Insightful)
No doubt that being only a few blocks away from San Francisco's Poop Central district [arcgis.com] had something to do with it.
Give 'em credit (Score:2)
They manage to escape San Francisco's taxes, and look virtuous doing it for reducing their carbon footprint. Smooth.
Hopefully the first of many (Score:3)
If PooPal went under I'd buy champagne and throw a party. If I had the button that would send it to oblivion I'd keep pushing it until my strength failed - then I'd switch hands and repeat, just to make sure the job was done. I hate those slimy fuckers - they're among the worst of the banksters.
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I guess everyone has that company that they hate.
I have never encountered a reason to hate them as you do.
I have a line of credit with them and they have 0% APR for most purchases as long as you pay it off in 6 months. I use it for all my online shopping rather than using a traditional credit card.
I think they offer a good service.