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Board approves downtown revitalization financing district after heated debate over transparency and affordable housing
Summary
The Board of Supervisors voted to establish a downtown revitalization financing district that uses tax-increment financing to encourage office-to-residential conversions. Opponents said the plan risks diverting up to $610 million to private development and criticized a lack of transparency about the consultants "48" property estimate.
The San Francisco Board of Supervisors on Feb. 3 approved a plan to create a Downtown Revitalization Financing District that would use tax-increment financing to encourage conversions of underused office space into housing.
Supporters said the tool is needed to revive downtown and fund conversions that otherwise wouldnt pencil out. "As an adaptive reuse plan, this is also a once-in-a-lifetime opportunity for us to correct twentieth-century land-use decisions," Supervisor Dorsey said, adding the program "will enable us to preserve and repurpose buildings that are part of our…
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