San Francisco is facing a significant challenge with its downtown area, as only 20% of the pre-pandemic visitors have returned. This decline is cratering the city's tax base, which heavily relies on payroll and business taxes. Despite a recent increase in office leasing activity, office vacancy rates have hit a record high. The city is in dire need of actionable plans to revitalize its downtown economy. Comparatively, New York City is making strides with the largest office-to-housing conversion project, creating 1,500 new rental units, a model that San Francisco could potentially follow to expedite its recovery.
San Francisco's office market hits another vacancy record, though 'market is stabilizing' https://t.co/Ps5jxAVF5A
New York City is moving forward with the largest office-to-housing conversion in the country: 1,500 new rental units will be created. San Francisco desperately needs action like this. It won't be easy, but it's what we need to speed up our downtown recovery. Let's get to work. https://t.co/unLcXzJg1B
Good news: office leasing activity is up! Bad news: office vacancy rates just hit a record high. Payroll/business taxes are a big part of the SF budget. A healthy economy and city services depend on a healthy downtown—SF might finally be getting there. https://t.co/iGRqnYS1DP
Only 20% of the people that used to come to downtown San Francisco in 2019 come now. This is not sustainable and is cratering the tax base. I'm with Adam here. What is the city waiting for? The city needs more than a plan. It needs action. https://t.co/hMXa7zYePQ
San Francisco Democrats, where did the billions go? The city's issues are far from resolved. Let's redirect those funds to the community and make a real difference.