San Francisco is making it easier to turn empty offices into homes
BNN Bloomberg
San Francisco is making it easier to turn empty office buildings into homes, a move aimed at easing the city’s housing crunch and reviving its struggling downtown.
Voters approved Proposition C, which offers a tax break for developers to convert up to 5 million square feet of commercial space by 2030, according to a tally of results from last week’s election. Mayor London Breed, who championed the proposal, said it will help the city meet a state mandate to create tens of thousands of new homes and to diversify the downtown.
The measure comes as the tech sector, a key to San Francisco’s economy, has scaled back its presence and workforce since the pandemic. Major companies, such as Meta Platforms Inc. and Salesforce Inc., have reduced their real estate footprint, allowing employees to work from home or relocate. San Francisco’s commercial vacancy hit a record 36 per cent as of December and it’s expected to tick up further this year, according to an analysis by CBRE Group Inc.
Breed said the initiative would help transform the city’s downtown from a 9-to-5 business district to an around-the-clock mixed-use neighbourhood.
