Uber faces proposed ‘IPO tax’ in a San Francisco divided by inequity

Uber Technologies Inc.’s initial public offering, expected next month,will mean a massive payoff for many employees. In the company’s hometown of San Francisco, it will also deepen fears that a wave of technology IPOs threatens to displace other residents who are being left behind. One city lawmaker plans to propose that tech companies share the wealth.

San Francisco Supervisor Gordon Mar is circulating a motion that, if approved by a majority of the county board, would place a payroll tax covering stock-based compensationon the November ballot. The proposal, a draft of which was obtained by Bloomberg, would impose a new cost,“for the privilege of engaging in business in the city,”on companies that dole out equity to employees.