The City and County of San Francisco established the Downtown University Attraction and Retention Fund to provide financial incentives aimed at attracting public colleges or universities to establish physical campuses in the South of Market, Union Square, and Financial District neighborhoods. The fund will also be used to purchase or lease properties that are 100,000 square feet or larger for use as campuses, including classrooms, housing, and administrative space. This ordinance, passed by the Board of Supervisors, is intended to strengthen the educational infrastructure and economic vitality of these key urban areas.
This ordinance is significant as it addresses the need for higher education institutions in downtown San Francisco, potentially boosting the local economy and providing greater access to educational resources for the community.