SEIU, Venture Capitalist

Service Employees International Union (SEIU), the monopolist behind the Proposition D tax increase on San Francisco’s ballot, is also a smart venture capitalist. SEIU enterprises have put up $1.86 million, more than half of the money raised in support of the measure.

The financial logic behind SEIU’s support for Proposition D is clear: for its $1.86 million investment, its members stand to capture up to $75 million of the $250 million to $300 million in annual revenue generated by Proposition D should it become law. This represents an extraordinary return, especially since the union remains insulated from any resulting downsides.

SEIU is insulting the intelligence of San Francisco voters by masking its self-interest in populist rhetoric. While they pitch Proposition D as a strike against “overpaid CEOs,” the reality is a tax designed to enrich SEIU rather than the public. If this were a genuine populist movement, the funds would go straight to the residents; however, SEIU only backs taxes that serve to line its own pockets. Let’s hope San Franciscans see through SEIU’s deceitfulness.