San Francisco has adopted a tax reimbursement program aimed at turning vacant downtown offices into housing. Developers can recover a portion of future property taxes on commercial buildings converted to homes, a measure intended to reduce the financial risk of such projects.
The program covers the Financial District, South of Market and Civic Center. Three developers have submitted projects so far, though the city has not yet seen an office-to-housing conversion completed.
Office vacancies remain a challenge: roughly a third of San Francisco’s 100 million square feet of office space is vacant. City officials hope the incentive will help conversions move forward after similar tax programs took hold in New York and Washington.
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