San Francisco residents opted on Tuesday to slap a tax on the city’s big businesses to fund services for the homeless.

Voters passed a ballot measure called Proposition C that taxes the annual gross receipts of the city’s biggest companies and would generate between $250 million and $300 million for the city.

That cash would nearly double the city’s budget earmarked for curbing homelessness. It’ll go toward new permanent and short-term shelters, mental health services and preventive measures for the city’s estimated 7,500 individuals and 1,200 families living on its streets.

About 400 — mostly tech — businesses would be subject to a tax of varying amounts. Businesses with over $50 million in gross annual receipts would be taxed at about 0.5 percent and those with over $1 billion in gross annual receipts would pay 1.5 percent of payroll expenses.

Twitter CEO Jack Dorsey railed against the measure — which has been dubbed “Our City, Our Home” — saying the tax was unfair and would temper growth in the city.

But the billionaire founder and CEO of Salesforce, Marc Benioff, poured at least $7 million into the campaign for Prop C, proclaiming he was “delighted voters agree that this was what the city so badly needed,” the San Francisco Chronicle reported.

The city’s Office of Economic Analysis concluded in an assessment that the measure would likely succeed in reducing homelessness in San Francisco. It could also cost the city 725 to 875 jobs a year over the next two decades, the assessment found.