San Francisco’s budget deficit could hit $1.4 billion, city officials are warning, as the city struggles with out-of-control homelessness and drugs on its streets.
Businesses have fled office buildings and storefronts downtown, where an open-air drug market thrives every day depriving the city by the bay of taxes it relied on and leaving it in a tight spot.
On Wednesday, Mayor London Breed’s budget director laid out the grim situation during a budget presentation.
“This is not going to be a positive presentation today. We’re in a tough spot,” budget director Anna Duning said, The San Francisco Standard reported.
The city’s budget deficit could reach nearly $1.4 billion by 2027, officials projected. The fiscal year starting in July will have a $245 million deficit, and next year, the deficit will likely top half a billion dollars.
Tax revenue from businesses, sales, hotels,…
