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4 min read San Francisco Budget and Finance

SF approves $610M tax deal to convert empty offices into homes

The Budget and Finance Committee cleared a new downtown financing district that could direct up to $610 million in property taxes toward office-to-housing conversions over 30 years.
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San Fransisco
Budget and Finance Committee Meeting
January 28, 2026

TL;DR

  • Supervisors approved a new financing district that could direct up to $610M in property taxes over 30 years to office-to-housing conversions downtown.
  • Supervisors approved $22.1M more for the city's towing contract with TEGSCO, extending it up to 15 months while a new bid runs.
  • Supervisors approved a $28.6M extension of HealthRight 360's withdrawal and residential treatment contract through June 2028.
  • Supervisors approved a $7M Bloomberg grant for the Mayor's Office of Innovation and four new positions.
  • Supervisors approved $10M in emergency repairs to stabilize a sinking dry dock at Pier 68.

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