A roadmap for stronger downtowns: Lessons from San Francisco

A message from: JPMorganChase

Downtown districts across the U.S. have experienced widespread business closures, empty spaces and reduced foot traffic.
- The pandemic accelerated long-term shifts that were already underway as e-commerce, remote work and changing consumer habits altered downtown economies.
Why it's important: These districts play an outsized role in community economies, serving as cultural and economic hubs that bring together jobs, residences, businesses, public spaces and anchor institutions.
- Their decline has created ripple effects across entire communities.
π Zoom in: Downtown San Francisco has experienced some of the most severe impacts.
- The positive news: Recent signs β including declining crime rates and office vacancies β suggest that coordinated strategies are helping the city make a comeback.
The details: JPMorganChase has been supporting efforts to strengthen communities for more than a decade, including recent investments in expanding commercial corridors to revitalize downtown areas across the country β including in San Francisco.
In a new What Works report, JPMorganChase shares three insights from its work in San Francisco that can be used to help drive revitalization efforts in downtown districts across the U.S.
π‘ 1. Community Benefit Districts act as anchors for revitalization.
Community benefit districts (CBDs) β also known as Business Improvement Districts (BIDs) β are special-purpose districts where property owners agree to pay fees to help fund enhanced services beyond what local governments typically provide.
- Efforts include trash collection, safety patrols, lighting, beautification and events. They also create an important platform for collaboration that supports small businesses in local neighborhoods.
Successful CBDs in San Francisco:
β Address basic concerns like cleanliness and safety to help build a foundation for economic activity.
β Host programming and events to help bring more visitors and locals to the area.
β Build connections with peer organizations to provide access to effective replicable strategies, policy advocacy and professional development opportunities.
β Secure resources, establish budget frameworks and align spending with stakeholder priorities.
An example: The Downtown SF Partnership (DSFP) hosts Let's Glow SF in collaboration with community partners. The annual event transforms downtown with large-scale art projections and immersive programming.
- In December 2023, the event generated an estimated economic impact of over $8 million for downtown businesses, attracting nearly 67,000 attendees.
π‘ 2. Public-private partnerships revitalize neighborhoods with community-centered solutions.
Successful downtown revitalization requires formal coordination that align public and private interests. Public-private partnerships work best when state and local government provides infrastructure and coordination, while businesses contribute project management and operations expertise.
Successful public-private partnerships in San Francisco:
β Require formal coordination mechanisms and government structures that align with public and private interests.
β Involve strong city leadership and committed business champions who work in tandem to create the conditions ripe for revitalization.
β Collaborate with third-party organizations, such as research and policy institutes, to access key analyses, facilitate conversations between stakeholders and tap into unique expertise.
An example: The Union Square Alliance BID works closely with city agencies, the Mayor's office and a range of private businesses. This partnership has resulted in active support for public safety initiatives, streamlined permitting and zoning processes, and granted funding for key projects.
- Corporate partners often contribute expertise, financial resources and volunteers. JPMorganChase has worked with the Alliance to support destination marketing and event activations.
π‘ 3. Small businesses serve as the foundation for downtown economic recovery.
Small businesses employ approximately 46% of the U.S. workforce and created around 63% of new jobs between 1995 and 2021. In San Francisco, small businesses employ an estimated 360,000 workers, playing a central role in the local labor market.
To be successful, small businesses in San Francisco:
β Rely on streamlined processes that address inefficiencies in permitting, licensing and fee structures.
β Have access to affordable capital for technology upgrades, space modifications or marketing to reach new customer bases in the post-pandemic landscape.
β Benefit from programs that combine financing with technical assistance, networking opportunities and connections to customers.
An example: The Downtown San Francisco Vibrancy Loan Fund, launched in 2025 and funded in part by JPMorganChase, provides small businesses with below-market capital (at approximately 4% interest) to help them access commercial spaces.
- The goal is to help fill commercial vacancies and increase access to those who face barriers accessing traditional financing.
The takeaway: San Francisco's ongoing recovery underscores both the promise and complexity of revitalizing downtown districts.
- Significant challenges remain, but San Francisco's progress demonstrates that strategic investment, empowered local leadership and innovative cross-sector partnerships can make way for meaningful progress.
Read more in JPMorganChase's latest report.
π See how communities across the U.S. are reimagining the future.