Facing tax revenue shortfall, San Francisco struggles to make downtown vibrant

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Facing tax revenue shortfall, San Francisco struggles to make downtown vibrant
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San Francisco city leaders say remote work has permanently changed the business landscape and they're looking for ways to increase downtown foot traffic.

SAN FRANCISCO -- Real estate researchers report San Francisco's recovery from the pandemic is among the slowest of major cities in the nation thanks largely to the rise of remote work.Oliver and her six-year-old son Paris moved to the South of Market District from Sacramento five years ago. She has seen the pandemic transformation.

The city is now partnering with different groups to organize events to bring families back to the Financial and South of Market Districts. A real estate report from CBRE shows San Francisco office vacancy rate rose to a record high of almost 30 percent this year due to remote work."It's about bringing people back together and reminding people that San Francisco and our downtown is so much more than only our offices and our work," said Kate Sofis, executive director of the Office of Economic & Workforce Development.

"All of this collectively is really meant to create a future for our downtown that's much more mixed-use, 24/7 as opposed to only about work," Sofis said.

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