Farrell Proposes Revitalization Plan for San Francisco's Downtown Ahead of Mayoral Election

Mark Farrell, a former interim mayor, is one of 13 candidates vying for the mayoral seat in San Francisco this November. He has unveiled a comprehensive 20-year vision aimed at revitalizing the city’s downtown area, which has faced significant challenges due to the COVID-19 pandemic. His proposal includes the creation of a new park at Embarcadero Plaza and the development of mixed-use buildings to enhance housing options. To stimulate economic recovery, Farrell is advocating for gross receipts tax incentives for businesses that relocate to downtown San Francisco, as well as for those that require employees to return to the office four days a week. In an interview with CNBC, he emphasized the need for a vibrant downtown, noting that other cities have successfully bounced back from similar challenges. Currently, commercial real estate vacancies in San Francisco have surged to 34.5%, a stark increase from 5% pre-pandemic. Farrell aims to reduce the vacancy rate by 50% by the end of his first term. He highlighted the current lack of foot traffic in downtown, describing it as a "shell" of its former self. Additionally, he is calling for increased police staffing, citing safety and street conditions as critical issues affecting neighborhoods throughout the city. The proposed park at Embarcadero Plaza is envisioned as a clean and inviting space to attract workers, residents, and tourists, contributing to the overall revitalization of the downtown area. Farrell's plan seeks to restore the vibrancy of San Francisco's core and address the pressing concerns of its residents and businesses.