CA AB2488

Authorizes the City and County of San Francisco to establish one downtown revitalization and economic recovery financing district to finance commercial-to-residential conversion projects using incremental property tax revenues generated by those projects.

Requires the district board to consist of three Board of Supervisors members and two public members appointed by the Board of Supervisors, and mandates the board be established concurrently with adoption of the resolution of intention.

Limits eligible projects to commercial-to-residential conversions with at least 60 percent of square footage designated for residential use, with affordability requirements of 5-10 percent of units affordable to very low/lower income households for 45-55 years (exempting the first 1,500,000 square feet).

Requires incremental tax revenue from each opted-in project be distributed back to that same project for up to 30 years to finance development costs on a pay-go basis, with remaining revenues used for downtown revitalization programs.

Mandates that opted-in projects comply with prevailing wage requirements and labor standards adopted by the Board of Supervisors, with projects prohibited from opting in after December 31, 2032.