This legislation comes as a part of the Roadmap for Downtown San Francisco’s Future, alongside a long-term plan to address lofty business costs through a legislative collaboration.
A New Roadmap for an Improved Downtown San Francisco
Mayor London N. Breed of San Francisco recently introduced a new piece of legislation in the form of a tax policy that plans to reinvent and strengthen the city’s downtown area. The plan includes tax relief provisions for existing businesses as well as tax credits for new businesses that choose San Francisco for their location.
Mayor Breed’s “Roadmap for Downtown San Francisco’s Future” details her comprehensive plan to breathe new life into the area and subsequently position San Francisco to qualify as the Bay Area’s economic hub and an anchor in the global commerce space.
In addition, Mayor Breed has set in motion a longer-term plan to comprehensively reform the city’s tax structure, with the ultimate goal of putting a measure on the 2024 ballot.
This new legislation is wholeheartedly supported by its co-sponsors, Matt Dorsey and Joel Engardio of San Francisco’s Board of Supervisors.
The expansive Roadmap includes nine detailed strategies thoughtfully designed to respond to emerging economic trends and take advantage of the city’s strengths – keeping Downtown San Francisco vibrant and full of life and success. Overall, she plans to focus on several essential priorities, such as fostering a clean, safe environment with a robust and resilient workforce, increased transportation, and attracting new businesses from industries in all areas.
“The long-term health of our Downtown and our City’s finances require us to be creative in how we attract and retain businesses,” stated Mayor Breed. She aims to have more workers Downtown in general, visiting small businesses, and taking part in the community of the vibrant neighborhood. In order to do so, the city must have the necessary revenue to deliver essential services to the residents of the area.
Nine Steps Towards Success
Mayor London Breed’s vision for the Roadmap is broken down into nine different, effective strategies designed to bolster Downtown San Francisco’s economy and livelihood.
Strategy One – Ensure Downtown is Safe, Clean, and Enticing
The key to elevating the economic success of the area depends on drawing spenders in and providing them with an environment in which they wish to spend their hard-earned income. This step of the plan aims to use strategic investments to boost public safety and improve the conditions of the roads.
Strategy Two – Attract and Retain a Diverse Blend of Businesses and Industries
This effort will draw in more folks who wish to open businesses, which will not only boost spending but will also create more jobs in the area. In order to achieve this, new tax policies must pause previously scheduled tax increases for struggling businesses while also initiating a tax reform process that makes the city’s tax structure more attractive to potential new business owners.
Strategy Three – Facilitate Flexibility Regarding Usage of Buildings
By maximizing the ability to adapt office buildings to meet the needs of interested tenants who wish to open new businesses in the area, Downtown San Francisco will become more attractive to employers.
Strategy Four – Make It Easier for New Businesses to Succeed
In an effort to make it easier for people to start and grow their new businesses, the Roadmap details a plan for creating transparency, as well as streamlined processes and building out existing systems that support new business owners in San Francisco.
Strategy Five – Increase San Francisco’s Workforce
In order to prepare San Francisco residents for growth in many industry sectors, the Roadmap plans to ensure there is enough adequate housing to meet the rapidly increasing demands of the growing labor force.
Strategy Six – Downtown’s Transformation into a Leading Destination
To draw in more visitors and residents alike, Downtown is slated to become a leading destination to celebrate the arts, culture, and nightlife. It will be an entertainment zone crafted to plant the seed for new businesses and experiences for an incredibly vibrant Downtown.
Strategy Seven – Turn Downtown into a Showcase by Enhancing Public Spaces
Through measured investments in Downtown to enhance and expand plazas, alleyways, and all other publicly used spaces, the Roadmap will drastically improve visitors’ and residents’ experiences in the region.
Strategy Eight – Transportation Connections Are a Worthy Investment
For Downtown to become the vibrant destination it has the potential to be, the Roadmap aims to maintain and improve access to the area via every possible mode of transportation. It also endeavors to enhance the reliability, efficiency, and quality of the existing services.
Strategy Nine – Draw Folks in with a Story
The use of proactive, positive marketing is the Roadmap’s goal to emphasize the Downtown area’s strengths – such as art and a strong sense of community. The plan involves partnering with SF Travel to launch a national campaign to entice visitors to check out Downtown.
More Key Points in the Roadmap
There are several additional key points to highlight in regard to the Roadmap’s efforts to bolster Downtown San Francisco. Firstly, leaders in the city have found that the reality of a hybrid workforce has exposed certain weaknesses in San Francisco’s approach to drawing in business tax revenue. Mayor Breed has chosen to address this by formulating a collaborative plan with legislators, business owners, and community stakeholders to take on potential new 2024 tax revenue policies. Part of this plan involves a pause on any tax increases for businesses in San Francisco.
Additionally, to attract new office users to the Downtown San Francisco area and decrease the 25% office vacancy rate, Mayor Breed, who feels this is the key to success for the future of the city’s economy, intends to find a way to improve revenue through gross receipts tax and property taxes.
Mayor London Breed’s detailed plan for success in San Francisco’s Downtown area is chock full of ideas to improve the economy, create more jobs, and breathe life into the area, one step at a time.
