Urban Development: Mayor Celebrates Central Market Revitalization
San Francisco, CA—Mayor Edwin M. Lee today highlighted the ongoing revitalization of the Central Market neighborhood three years since the creation of the Central Market/Tenderloin Payroll Expense Tax Exclusion. The tax exclusion was adopted by the Board of Supervisors and signed by the Mayor in April 2011 when Central Market had some of the highest vacancy rates in the City. Central Market is now home to 18 technology companies, 17 small businesses and eight arts venues as part of the City’s revitalization efforts. Since 2011, the City has collected $8.4 million in additional revenue from increased property tax and real estate transfer tax in the Central Market area.
“The turnaround and signs of revitalization in the Central Market area in just three years are remarkable, but we have more work to do to help longtime residents and new small business owners alike,” said Mayor Lee. “The Tax Exclusion was carefully crafted to attract investment into the heart of our City, which for years suffered from high vacancy rates and stubbornly resisted previous attempts at revitalization, and it has been a nationally- recognized success. Today, Central Market is at the center of new job creation, housing production and the arts in our City, generating new jobs and bringing millions of dollars in new revenue to fund vital City services for the neighborhood. The decades of disinvestment and abandonment by the public and private sectors in Central Market are over, and we will not turn back the clock on our promising efforts to create a healthy, vibrant and economically diverse community in the Central Market neighborhood.” Read more.