San Francisco’s latest budget outlook has a projected shortfall of nearly $1 billion by fiscal year 2027-28.
Mayor Daniel Lurie’s office says there have been signs of economic rebound, but they’ve been “offset by growing federal uncertainty, including a reduction in anticipated FEMA reimbursements.”
Local labor unions say they’ve been meeting with the Mayor’s office. They have two suggestions for balancing the budget: First, they want the city to spend less on contracts that don’t directly benefit the city’s economy. Second, they want businesses and corporations, like Airbnb, to be held accountable for paying their fair share of taxes.
Since 2019, Airbnb has repeatedly sued San Francisco to lower their tax rates. Right now they’re seeking about $120 million in back payment. And they’re not the only ones. Litigation from businesses seeking tax relief could cost San Francisco up to $415 million.
Mayor Lurie’s office says his budget priorities are to protect the city’s core services, including public safety, transit, and public health.
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