San Francisco Mayor Warns of Budget Deficit as Remote Work Hits Revenue
- Mayor needs to cut costs for $728 million two-year deficit
- Tech hub struggles with vacant offices and uncertain recovery
San Francisco is projecting a $728 million budget gap over the next two fiscal years as the technology hub reels from the economic hit of remote work and the depletion of one-time federal aid.
Mayor London Breed asked municipal departments Thursday to find ways to reduce costs by 5% in the next fiscal year and by 8% in the year after that as part of the budget process for the city, which has a $6.8 billion general fund. The fiscal plan for the years beginning in July 2023 and July 2024 must balance by June 1 when she submits it to the board of supervisors for approval.