Giant companies get to personally negotiate their own favorable property tax rates. If people goose-step to the polls in 2020 to confiscate additional property from commercial property owners in the form of increased property taxes [1], the mega-corporations won't pay a cent of it. The mom an pop business that give SF its character, however, will be driven out of business.

[1] https://www.sfchronicle.com/politics/article/Change-in-Calif...