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Incoming SF Mayor London Breed, at a January parade. Photo by Yichuan Cao/NurPhoto via Getty Images.

San Francisco's mayoral race is expected to wrap today, more than a week after polls opened, with Mark Leno conceding to winner London Breed.

Why it matters: This local race may have national consequences, as Breed's support of relaxed housing regulations could slow the outflow of tech companies to other geographies.

  • Breed made housing flexibility a centerpiece of her campaign, whereas Leno generally favored government controls over new development.
  • Limited housing stock in San Francisco — and the Bay Area more broadly — is a big reason why many tech companies have chosen to open offices in other locales.
  • If Breed successfully adds new housing, at all price levels, it could stem this expansion exodus. The big question, however, is if companies will be willing to wait for her to get pro-development policies in place.

Go deeper

Updated 24 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 41 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.