Rules Committee backs ordinance to form downtown revitalization financing board under AB 2488

The Rules Committee of the San Francisco Board of Supervisors on a May meeting approved an ordinance to establish the board of directors for a downtown revitalization financing district authorized by Assembly Bill 2488, a state law the committee said would permit diversion of incremental property tax revenue to support office-to-residential and commercial-to-residential conversions.

Supervisor Dorsey, who introduced the ordinance, said the district is intended to “incentivize adaptive reuse projects” and help revive downtown by producing housing and supporting ground-floor uses. Jacob Bentliff of the Office of Economic and Workforce Development briefed the committee on the mechanics of the law and the proposed district board.

The committee’s action moves an ordinance creating the district’s board of directors forward to the full Board of Supervisors with a positive recommendation. The resolution of intention to form the district is scheduled to be considered by the Budget and Finance Committee later this week, and items acted on at today’s meeting are expected to appear on the Board’s June 3, 2025 agenda.

The nut graf: Under AB 2488, San Francisco may create one downtown…