Mayor Lurie, President Mandelman Move to Facilitate Office-To-Residential Conversions, Foster 247 Downtown

Mayor Daniel Lurie and Board of Supervisors President Rafael Mandelman introduced a proposal for a downtown revitalization financing district in San Francisco. This initiative aims to convert vacant office buildings into much-needed housing, enhancing the downtown area’s appeal. The legislation builds on a previous ordinance that facilitated such conversions, marking a significant step in Lurie’s downtown revitalization efforts. The new financing district will allow reinvestment of increased property tax revenue from these projects to help offset development costs. Preliminary evaluations show approximately 1,200 eligible properties, with estimates suggesting that around 50 could yield about 4,400 residential units.

This strategy mirrors successful efforts in New York City, where similar incentives resulted in over 12,000 housing units from obsolete office spaces. Lurie highlighted the necessity of a dynamic downtown, which requires attracting businesses and tourists alongside residential development. The initiative is part of a broader strategy to revitalize the city’s core and improve its economic prospects.