Mayor Daniel Lurie signed the legislation to change the skyscraper-dominated downtown SF. Aiming to make the area into a 24/7 neighborhood, the plan will convert commercial spaces into housing units.
Highlights
- Mayor Lurie signed legislation in support of this transition.
- Downtown San Francisco is set to convert vacant offices into residential units.
- This move marks the first step in establishing the new financing district.
Downtown San Francisco to Revitalize Under New Legislation
Mayor Lurie advances his downtown revitalization plan through the new legislation. He understands the need to revitalize this vital area, which drives the city’s economy. Thus, he aims to create a better future. The plan involves reinvesting the generated property tax revenue into revitalizing the area.
Objective of the New Legislation
Recent economic issues in the city have many concerned about the future that it holds. In response, the Board of Supervisors has been developing strategies to solve these issues. This legislation aims to revitalize San Francisco’s downtown so it can thrive.
Converting vacant office spaces into residential units brings life to the downtown area. This will help change it into a place where people don’t just work but also live. The legislation aims to make downtown more vibrant, thus accelerating its recovery.
Transformation Plans for Downtown SF
The plan focuses on core downtown offices and commercial areas. Market Street Corridor, Financial District, and Union Square are among the included areas.
According to preliminary findings, approximately 1,200 properties within the proposed district are eligible for the program. Of these, about 50 properties, capable of supporting roughly 4,400 residential units, meet suitability criteria based on building age, size, condition, and current vacancy levels.
Through the conversion of these areas, the housing production process can speed up. This will also create thriving 21st-century mixed-use neighborhoods, bringing life to the area.
The legislation brings a creative solution to revitalizing downtown San Francisco. It utilizes existing space and speeds up the housing process, which is falling behind. Mayor Lurie and the assembly’s efforts toward the betterment of downtown can be seen through such plans. Their work in utilizing the tax revenue for the betterment of the city will surely yield great results.
