Bill > AB2488

This bill would authorize the City and County of San Francisco to designate one downtown revitalization and economic recovery financing district to finance commercial-to-residential conversion projects within downtown San Francisco. The district would be governed by a board composed of three members of the Board of Supervisors and two public members. The district would prepare a financing plan that includes requirements for affordable housing, identification of eligible commercial buildings, and a process for opted-in projects to receive incremental tax revenue generated by their projects for up to 30 years. The bill also specifies that the commercial-to-residential conversion projects that opt in are public works subject to prevailing wage and labor standards requirements.