Billions in new taxes needed to build new downtown

Billions of dollars in new fees and taxes would be collected from developers and property owners under a heady proposal to extend downtown into the South of Market neighborhood.

The San Francisco Planning Department released a 25-year draft plan Thursday to improve 145 acres surrounding the Transbay Transit Center, which is going to be rebuilt in the coming years at First and Mission streets.

The plan, if implemented, would drag San Francisco’s downtown area south of Market Street, with skyscrapers allowed in SoMa to climb to increased heights of up to 1,000 feet to allow new homes, stores and offices to flank the planned transit hub.

Improvements envisioned under the plan would cost money that The City can’t afford to spend on the project, so city planners have proposed charging fees and taxes on new construction within the project area.

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