**San Francisco Proposes Downtown Revitalization Financing District**
San Francisco Mayor Daniel Lurie, together with Board of Supervisors President Rafael Mandelman, has introduced legislation aimed at creating a downtown revitalization financing district. The initiative is designed to support the transformation of vacant and underutilized office and commercial properties into residential housing.
The proposed financing district would work by reinvesting increased property tax revenues to offset the costs associated with redevelopment. This financial incentive is expected to encourage the conversion of idle office spaces into much-needed housing units. Preliminary evaluations have identified approximately 1,200 properties currently eligible within the district, with an additional 50 properties potentially qualifying over the course of the program.
“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,” Mayor Lurie stated.
The new legislation expands on a previously passed ordinance that was strongly supported in February. Sponsored by Mayor Lurie and co-sponsored by Supervisors Matt Dorsey and Danny Sauter, that ordinance removed key obstacles that had hindered office-to-residential conversion projects.
The proposed downtown revitalization financing district marks a significant step in San Francisco’s broader efforts to reinvigorate its urban core and address the city’s growing demand for housing.
