San Francisco’s downtown recovery just got a major plot twist, and it’s giving major privatization vibes. Mayor Daniel Lurie is essentially outsourcing economic development to his rolodex of billionaire buddies through the San Francisco Downtown Development Corporation (DDC), and honestly, what could possibly go wrong?

With the city facing a budget crisis, Lurie’s solution is to tap private money to revive the hollow downtown core. The Office of Economic and Workforce Development just got slashed by nearly $57 million, which means goodbye to grants for small businesses and street improvements.

The Billionaire Rescue Squad

Enter the DDC, a nonprofit stacked with tech titans and billionaires like Chris Larsen, Bob Fisher, and Meg Whitman. Their mission? Rescue downtown from its post-pandemic slump by throwing private capital at the problem. Lurie describes these funds as “start-up capital” - because apparently, municipal budgeting is now just another tech pivot.

Why Downtown Matters

Despite taking up a tiny slice of San Francisco’s real estate, downtown generates a whopping 40% of the city’s tax revenue and jobs. It’s basically the economic heartbeat of the city, which means its recovery isn’t just about aesthetics - it’s about survival.

The Long Game

Lurie’s strategy isn’t about immediate sustainability, but creating “test cases” that might eventually transition to public funding. It’s a risky bet that sounds suspiciously like the tech world’s “move fast and break things” mantra, but applied to urban policy. Only time will tell if this billionaire bailout becomes San Francisco’s economic miracle or just another expensive experiment.