Powerful Dem Group Unleashes $10M to Kill 'CEO Tax' in San Francisco

Neighbors for a Better San Francisco says the proposed tax would 'destroy' the city's economic recovery

Published on Feb. 28, 2026

Got story updates? Submit your updates here. ›

A powerful moderate advocacy group in San Francisco, Neighbors for a Better San Francisco, is spending $10 million this year to defeat a proposed 'CEO tax' that they say would devastate the city's fragile economic recovery by dramatically increasing taxes on major retailers and driving businesses out of the city.

Why it matters

The 'CEO tax' is a ballot measure backed by progressive and labor groups that would significantly increase taxes on companies whose highest-paid executive earns more than 100 times the median worker's salary. Opponents argue this would lead to higher consumer prices and businesses leaving San Francisco, while proponents say it could raise $200 million annually for essential city services.

The details

Neighbors for a Better San Francisco, led by director Jay Cheng, plans to campaign against the 'CEO tax' and other left-leaning initiatives they believe will derail the city's economic progress. They argue the tax would increase costs for major retailers like Nordstrom, Gap, Starbucks, and grocery chains, which they say would either pass those costs onto consumers or abandon the city entirely. The group is also opposing a proposed statewide 'billionaire tax' that they believe could drive $1 trillion in wealth out of California.

  • The 'CEO tax' ballot measure is scheduled for a vote in June 2026.

The players

Neighbors for a Better San Francisco

A moderate advocacy group in San Francisco that is spending $10 million to defeat the proposed 'CEO tax' and other left-leaning initiatives they believe will harm the city's economic recovery.

Jay Cheng

The director of Neighbors for a Better San Francisco.

Connie Chan

A San Francisco Supervisor and supporter of the 'CEO tax' ballot measure.

Jackie Fielder

A Democratic Socialist San Francisco Supervisor who is also pushing for a tax on financial institutions to fund a San Francisco 'public bank'.

Bill Oberndorf

A billionaire Republican donor who has been a key backer of Neighbors for a Better San Francisco.

Got photos? Submit your photos here. ›

What they’re saying

“It's going to destroy our economy overnight, there's no question.”

— Jay Cheng, Director, Neighbors for a Better San Francisco (nypost.com)

“If the CEO tax passes in June, the message to business is you can't reliably predict what your tax bill will be year over year. Your tax bill will suddenly be 800% higher — no business can plan around that.”

— Jay Cheng, Director, Neighbors for a Better San Francisco (nypost.com)

“It does not tax CEOs, it taxes consumers. It is effectively a tariff on goods in San Francisco.”

— Steven Buss Bacio, Co-founder, GrowSF (nypost.com)

What’s next

The 'CEO tax' ballot measure is scheduled for a vote in June 2026. Neighbors for a Better San Francisco plans to campaign heavily against the measure and other left-leaning initiatives they believe will harm San Francisco's economy.

The takeaway

This battle over the 'CEO tax' highlights the ongoing political tensions in San Francisco between moderate and progressive factions, with major implications for the city's economic future and the cost of living for residents.