Mayor Newsom Announces Economic Stimulus Package

10/20/08 - In light of the national and international economic downturn, and as part of an effort to keep the economy strong in San Francisco, Mayor Gavin Newsom today announced an economic stimulus package.

"Despite our economic strengths, San Francisco is not immune from the worldwide credit crunch or nation-wide economic downturn," said Mayor Newsom. "That’s why today I’ve proposed an economic stimulus package that encourages local spending, reduces the cost of doing business in San Francisco, accelerates capital spending, and increases foreign investment."

In developing the economic stimulus package, the Mayor’s office consulted extensively with dozens of business leaders from small business and big business, and labor, to better understand the issues local businesses are facing, and to solicit creative ideas. The Mayor’s office also worked with the City’s Economist, the City’s fiscal watchdogs, including the Controller, the Budget Director, the Director of Public Finance and the heads of key enterprise departments like the Airport and the Public Utilities Commission (SFPUC), as well as leadership from public policy groups like SPUR and the Chamber of Commerce, to assess economic strategies and craft more effective solutions.

Stimulus proposals put forth by the mayor and business leaders to keep San Francisco’s economy strong:

• Accelerate capital projects, such as the Terminal 2 rebuild at SF International Airport, the SF General rebuild, the Transbay Transit Center, HOPE SF and the rebuild of the Hall of Justice. 

• Increase foreign investment by establishing San Francisco as the premier gateway between Chinese businesses and North America. A delegation of San Francisco officials will go to China in November to set up a "China Desk" to attract businesses to San Francisco. 

• Reduce the cost of doing business in San Francisco by reviewing fees on businesses, helping local business take better advantage of federal, state and local tax credit programs and implementing targeted tax incentives. 

• Keep dollars local by creating more local jobs through City Build and other workforce programs, expanding San Francisco tourism marketing more regionally, revising parking and transit polices to make it easier to visit San Francisco, expanding Neighborhood Market Place Initiatives and Business Improvement Districts including the new Tourism Improvement District, reducing retail leakage with the "Shop Local" campaign, and increasing funding for business attraction and retention efforts.