San Francisco's Budget and Finance Committee has approved a resolution that offers tax refunds to developers converting old offices into residential spaces, helping alleviate costs associated with such transformations. The initiative targets a special district in downtown, including the Financial District and SoMa, with a potential addition of about 4,400 housing units. Although this measure means returning an estimated $15.2 million in property taxes to developers, it’s believed to be crucial for the city's economic recovery and follows previous incentives aimed at stimulating downtown investment.
The resolution approved today, is the last piece of the puzzle… We will actually start to see conversions in Downtown and activation in Downtown.
This would help developers recoup the costs of turning offices into housing, which is expensive.
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