Amid news that Twitter was both eying a vacant building on San Francisco’s Market street and considering moving out of the city altogether, San Francisco’s mayor is getting ready to unveil a tax break that is targeted directly at the growing company and others in social media. The city is hoping that it can entice Twitter to stay in its city of origin, rather than look to other Californian cities for a possible relocation.
Twitter is expanding rapidly, with 350 employees now and not enough office space to hold them. There has been rumors flying around that Twitter is considering moving out of San Francisco when the time comes to upgrade, to Walmart’s former office space in Brisbane California. However, San Francisco isn’t ready to give up the booming company just yet.
The San Francisco Chronicle reports that San Francisco’s mayor Ed Lee met with several neighborhood and business representatives to work out a tax break that could see a payroll tax exemption for new employees hired by companies that move into the Market street area that Twitter is eying.
They are hoping that this will be enough to get Twitter to stay in the city of its genesis, and keep pumping up the San Franciscan economy and reputation as a social media and tech hotbed.
Representatives of the potential deal note that this tax break is not just so Twitter will stay – it is also designed to encourage other businesses to grow.
Last week, San Francisco’s mayor met with Twitter CEO Dick Costolo and toured the potential office space on Market street. Shortly after, the mayor set up his Twitter account – a possible sign that discussions with Costolo looked promising.