Those who advise companies on where to locate said San Francisco Mayor London Breed’s proposed tax changes and incentives to rejuvenate the city’s downtown, announced Thursday, are likely to be woefully inadequate given the scale of the task. But they give her credit for acknowledging the city's reality.
Still, site selection consultants worry about the future of downtown San Francisco, given that remote work has moved well beyond a pandemic phenomenon, allowing workers to choose to work from cities and states where taxes are lower and public safety and other challenges may be less pressing. But before the business community runs a victory lap, another site selection consultant was more dismissive of the mayor’s proposals as “hot air” and “alleged promises.”
A more familiar journey, he said, is a California company will move a small part of its operation to another state. Then they move a bigger portion of their company, or even the headquarters, to the out-of-state location. Charles Schwab Corp., McKesson Corp. and Oracle Corp. are among the companies that followed this playbook and eventually moved their corporate headquarters to Texas in recent years.
“Sacramento has been a big recipient of a wave of people and capital leaving the Bay Area but wanting to stay in California,” Boyd said.of growth markets based on its one-way truck rentals. San Francisco remains an expensive place to do business, with plenty of taxes and regulations, Boyd said. “What’s new and what's making it harder to be a business-climate denier is the reality of the virtual economy today.”
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