Mayor Lurie Signs Legislation to Boost Conversion of Empty Office Buildings into New Homes Downtown

Mayor Daniel Lurie signed legislation establishing a financing district to transform vacant office buildings into residential units in San Francisco. The Board of Supervisors unanimously approved the measure, which is part of a broader strategy to revitalize the downtown area. Analysis indicates that around 50 eligible properties could provide approximately 4,400 new homes, addressing significant housing needs. This initiative follows earlier measures to ease permitting processes and enhance safety through community programs. Mayor Lurie highlighted the role of a lively downtown in driving the city’s economy.

The financing district will reinvest property tax revenue generated by these conversions to offset development costs. The legislation builds on previous ordinances aimed at creating a vibrant urban environment. This approach mirrors successful efforts in New York City, where similar incentives led to the conversion of obsolete office space into thousands of new residential units.