San Francisco Mayor Daniel Lurie and Board of Supervisors President Rafael Mandelman have introduced legislation to create a downtown revitalization financing district. Establishing the district would support the conversion of vacant and underutilized offices and commercial buildings into housing.
The financing district would incentivize conversion of underutilized office space into residential units by reinvesting the increased property tax revenue to offset development costs. Preliminary analysis has identified approximately 1,200 eligible properties within the proposed district, with another 50 potentially becoming eligible over the program’s lifetime.
“For our downtown to be vibrant, it must be a place people want to be 24/7 — that means inviting tourists back, opening new businesses, and, yes, building more homes,” said Lurie. The legislation builds on an ordinance, sponsored by Mayor Lurie and co-sponsored by Supervisors Matt Dorsey and Danny Sauter, that passed overwhelmingly in February, removing barriers to such conversion projects.
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