An anonymous reader shared this report from nonprofit journalism site the San Francisco Standard: The San Francisco Board of Supervisors passed legislation on Tuesday aimed at regenerating the city’s beleaguered downtown area by filling in vacant storefronts and speeding up the conversion of unused office buildings into housing support . The bill is a key part of Mayor London Breed’s redevelopment agenda. Co-sponsored by Chief Executive Officer Aaron Peskin, it changes the city’s planning code to expand residential use and downtown office conversions. Among other things, this also optimizes the review of certain projects …
Even with faster project approvals, converting San Francisco office buildings into residential buildings remains a costly endeavor; Few developers have checked this option so far. At an April 3 hearing of the Board’s Land Use Committee, lawmakers emphasized the need for several reforms to make conversions economically viable. Supervisor Dean Preston expressed concern that even these reforms would not address housing for low-income people. Many say downtown San Francisco is currently in an “unfortunate loop” fueled by the economic fallout from the pandemic, including an office vacancy rate of nearly 30% and prime office towers changing hands at deep discounts…
The bill, passed Tuesday, is one of several legislative efforts to help downtown and the city’s broader economy. Initiatives included legislation to delay tax increases for retail, hospitality and other businesses hit hard by the pandemic, an Office Attraction Tax Credit for new businesses opening in the city, and a program called Vacant to Vibrant, which grants grants to companies opening “pop-up” shops and art spaces in empty downtown storefronts.
