Economics
San Francisco’s Boom Fizzles With $3.6 Billion in Shortfalls
- Mayor warns that difficult financial choices are ahead
- Board of supervisors must approve budget by Sept. 30
Light traffic travels westbound on the Oakland-San Francisco Bay Bridge in San Francisco, California, U.S., on May 12.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
San Francisco expects budget shortfalls of $3.6 billion over the next four years, showing the extensive impact the pandemic-induced shutdowns will leave even if the health crisis eases.
With restaurants and stores shuttered and hotels vacant, city officials most immediately must resolve the $1.74 billion deficit for this fiscal year and the next two through June 2022, according to a report released Wednesday by Controller Ben Rosenfield and budget analysts. The city is projecting a total gap of $2.11 billion in the following two budget cycles through 2024.