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Owners of vacant SF building: ‘Simply unreasonable’ to keep public space open

May 22, 2023 by www.sfgate.com Leave a Comment

The property owners of One Montgomery admit that their building has been tenantless since 2019 and that their attached roof garden — which is supposed to be open to the public — has been inaccessible since 2019.

But as city agencies hone in on potential fines against One Montgomery for not maintaining the roof garden, a privately owned public open space, typically referred to by the acronym “POPOS,” the building’s property owners have started pushing back. And they aren’t alone.

For 40-plus years, downtown San Francisco has been littered with POPOS, which include small outdoor areas, atriums and other gathering places. The idea is straightforward: Passersby and workers and anyone else should be able to enjoy greenery and free communal spaces amid the city’s skyscrapers. The POPOS are generally supposed to be open to the public during business hours.

As SFGATE reported in December 2022 , a selection of POPOS has been shuttered for quite a while. For roughly three years, dating back to the start of the pandemic, San Francisco’s Planning Department made exceptions and didn’t enforce financial penalties against properties with closed POPOS. The Planning Department’s patience has since run out. On March 17, it issued a notice of violation — basically, a final threat to reopen a POPOS before fines really start adding up — at One Sansome. On April 13, the Planning Department filed a separate notice of violation at One Montgomery.

The One Montgomery situation will ultimately come down to a chicken-or-the-egg interpretation of local ordinances currently being decided on by the city’s zoning administrator.

In its notice of violation, the Planning Department noted that over a four-month span between December 2022 and late March, it conducted four site inspections at One Montgomery, each time observing that the roof garden was not accessible to the public. The department gave One Montgomery’s property owners 15 days to reopen the POPOS or appeal the notice of violation to the zoning administrator, who enforces the city’s planning codes.

One Montgomery’s property owners — believed to be REDCO Development, which purchased the site for $82 million in 2019 — opted to appeal. In an April 27 appeal letter, their legal team countered that One Montgomery currently has no staffing or security, since it has no tenants. “It is simply unreasonable to require the POPOS be open to the public while the Property is closed,” it wrote. “It would require the owner to undertake significant expense to open, staff and operate the vacant building solely to provide access to rooftop open space.”

If and when the One Montgomery property owners find a tenant, which is a big if and when, they’ve assured the Planning Department and zoning administrator that they’ll promptly reopen the POPOS. In the meantime, they don’t want to budge.

That’s not really their call, though. On May 16, Zoning Administrator Corey Teague held a brief hearing to gather more information about One Montgomery’s appeal. Representatives for the property insisted that their empty building presents safety issues to POPOS visitors and that they don’t have the staffing to oversee the POPOS itself. Teague hinted that he was looking into how to alleviate those safety issues, if he decides to rule that the POPOS needs to reopen with or without tenants. But he also signaled that he was weighing One Montgomery’s arguments.

“We’re having multiple engagements with property owners about reopening their POPOS at different stages of the conversation and process. … There’s a lot of city effort to encourage people to go back downtown, especially during weekdays,” Teague said. He later added, “[We’re] definitely not singling out this property. This is a larger issue we’re trying to address.”

Teague will issue a new letter within 30 days of May 16, with three possible outcomes: He will side with the Planning Department’s original notice of violation, he will amend it to be more flexible in light of downtown San Francisco’s struggles or, perhaps, he will side with One Montgomery entirely.

The outcome at One Montgomery has many implications for downtown’s other POPOS , especially at similarly tenantless buildings.

One Sansome’s notice of violation has veered off in a different direction. The building’s POPOS, an atrium, was also closed for years, dating back to 2019. One Sansome’s property owners, Barker Pacific Group, repeatedly cited building renovations and ensuing supply chain issues for the continued closure of the atrium.

The good news for POPOS fans is the atrium did recently reopen. The less-good news for POPOS fans is what comes next: One Sansome’s property owners have pitched the city a new proposal that would make the atrium into a sometimes-private ritzy events space, which includes a restaurant and bar .

As the property owners described it in a March 24 letter to the Planning Department, their proposal “will bring people back to Downtown San Francisco at a time when it is struggling to recover from the Pandemic, while also preserving the Conservatory for public use during most hours of the day when people would be expected to use public open space.”

One Sansome is asking for “up to 12 24-hour weekday uses of the [atrium] for private events per year, with no monthly limit,” as well as “up to 24 partial weekday closures of the [atrium] per year.” The owners say that’s just a small fraction of the amount of time the atrium will otherwise be open to the public and constitutes a fair compromise in a changing downtown that’s in desperate need of foot traffic.

“The Project will be a bellwether to achieving the Mayor’s vision for Downtown,” they wrote in their proposal. “It will activate a key corner with a new and flexible — albeit infrequent — use that will contribute to Downtown’s reputation as an event destination at a time when the area is still reeling from vacancies and low patronage. The positive impact of the Project will be felt throughout Downtown.”

The next step for One Sansome is a hearing with the Planning Department — the date is still to be decided but will be relatively soon.

It too will have implications for the future of POPOS, the presence of which seems to be viewed increasingly by downtown property owners as a nuisance rather than a benefit.

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Filed Under: Local Corey Teague, Passersby, SF, Downtown San Francisco, Montgomery, One Sansome, Conservatory, One Montgomery, Planning Department, REDCO Development, SFGATE, ..., project for public space, project for public spaces jobs, vacant commercial buildings for sale, public space lighting, privately owned public spaces in london, paid $800 to the owner of the building for january's rent, publicness of public space, basic construction techniques for houses and small buildings simply explained, private space public space, public space and private space

2 businesses damaged by fire in SF’s Laurel Village

May 22, 2023 by www.sfgate.com Leave a Comment

A fire started in a Bluemercury cosmetics store in San Francisco’s Laurel Village on Monday, impacting the Ace Hardware and First Republic Bank on either side of the shop, officials said.

The blaze was first reported in the Laurel Heights shopping strip just before noon and was contained by 12:38 p.m. , the San Francisco Fire Department said.

There were no injuries, according to the fire department. Bluemercury had the most damage, while the damage to the Ace Hardware was minimal, Capt. Jonathan Baxter told SFGATE.

Baxter said he could not comment on how the fire started.

UPDATE: At 12:38, this 2-ALARM fire was CONTAINED, affecting two businesses. No injuries occurred due to this fire which is currently under investigation. https://t.co/RljRvrg62W pic.twitter.com/0QqEZYB3VW

— SAN FRANCISCO FIRE DEPARTMENT MEDIA (@SFFDPIO) May 22, 2023

“The quick response and aggressive firefighting helped minimize property damage and prevent injuries,” Baxter said. “There are many local businesses in the area that are still open.”

This breaking news story has been updated.

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Filed Under: Uncategorized Jonathan Baxter, Laurel Village, SF, California Street, First Republic Bank, Bluemercury, San Francisco Fire Department, Capt, SFGATE, Bay Area & State, ..., villages at west laurel, sf better business bureau, laurel hotel sf, business sf, business times sf, sf business license, business flooring laurel md, laurel business institute, art business sf, laurel business institute uniontown pa

New San Francisco poll yields very grim findings for London Breed

May 22, 2023 by www.sfgate.com Leave a Comment

A new poll of San Francisco voters found that more than half of respondents disapprove of the job Mayor London Breed is doing and that nearly three-quarters of those surveyed feel the city is on the wrong track — results that could have deep implications for the mayor’s reelection chances next year.

Probolsky Research, a nonpartisan opinion and research firm, surveyed 300 likely voters in the city between April 19 and April 24 and found that an overwhelming majority were unhappy with the city’s top elected official. Only 36% of respondents said they thought Breed was doing a good job, while another 60% said they had the opposite view (4% were unsure). Of those surveyed, 57% said they had an unfavorable view of Breed in general, and most voters — 73% — said the city was on the wrong track.

The mayor’s office did not reply to a request for comment from SFGATE in time for publication.

Earlier this month, District 11 Supervisor Ahsha Safaí announced that he will challenge Breed in next year’s election, making him the first high-profile candidate to throw his hat in the ring. In announcing his bid, Safaí told the San Francisco Chronicle , “People are very dissatisfied with the current mayor, dissatisfied with the condition of the city and they’re looking for change.” (The Chronicle and SFGATE are both owned by Hearst but have separate newsrooms.)

In an interview with SFGATE, Adam Probolsky, who conducted the survey, said the poll’s findings — despite their grim nature — don’t necessarily give Safaí an edge over Breed. He said the current narrative surrounding San Francisco likely extends to all of the city’s elected officials in the minds of voters, which could make a race between Safaí and Breed a toss-up.

“There’s a narrative that is out there … that just says, ‘Things have gone to s—t,’” Probolsky explained. “That’s, to some degree, a self-fulfilling prophecy among voters because everybody’s telling us that everything is bad. That narrative is pervasive, and that’s part of why the mayor, the supervisors, other electeds, are not going to be held in high regard at this moment.”

Probolsky said the top issue among San Francisco voters is crime but didn’t poll respondents on the matter because he felt the results would be unsurprising. However, the poll found that the second-most important issue among voters — new housing in the city — is an issue that Breed isn’t handling well in their minds. Nearly 60% of respondents said they disapproved of the mayor’s approach to new housing.

The poll was sponsored by the San Francisco Deputy Sheriffs’ Association, which is interesting, as Breed has stylized herself as an ally to the city’s various law enforcement agencies in recent months. Probolsky didn’t speculate on why the association sponsored the poll but did add, “They think something has to change to keep San Francisco safe,” and said the group wanted the numbers publicly released.

You can see the full results here.

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Filed Under: Uncategorized Ahsha Safaí, Adam Probolsky, San Francisco..., District 11, Hearst, London Breed, San Francisco Deputy Sheriffs' Association, SFGATE, The Chronicle, pequot new london ct, fhlbank san francisco reviews, fhlbank san francisco photos, 2810 laguna st san francisco, shalimar in san francisco, target jobs san francisco, facialist san francisco

Uber head of diversity reportedly put on leave after ‘Don’t Call Me Karen’ event

May 22, 2023 by www.sfgate.com Leave a Comment

Uber has put its chief diversity and inclusion officer on leave after she moderated a pair of “Don’t Call Me Karen” events that workers at the San Francisco-based firm said were insensitive to people of color, according to a report from the New York Times .

Lee billed the first event, in April, as a time to focus on “the ‘Karen’ persona” and hear from white women who work at Uber, the report said. “Karen” is a pejorative often used to refer to white women who feel the need to police people of color and/or demand special treatment in everyday encounters. The invitation reportedly said the event would host an “open and honest conversation about race” and be a time to dig into “the spectrum of the American white woman’s experience.” It was reportedly part of Uber’s “Moving Forward” series, a string of discussions about race that began at the company after 2020’s Black Lives Matter protests.

But workers, according to the Times’ report, said in Slack messages that the conversation felt like a lecture about white women’s struggles and minimized the reasons that people find “Karen” behavior objectionable in the first place.

Asked a question about preventing “tone-deaf, offensive and triggering” conversations in diversity initiatives at an all-hands meeting a few weeks later, Lee reportedly said the series was aimed at having tough, not necessarily comfortable conversations. More outrage and complaints to executives ensued, according to the report.

Lee then held another event, last Wednesday, to discuss the first meeting, but workers in the Slack groups for Black and Hispanic employees at the company said they were just lectured about their response to the first event, the Times reported.

“I think when people are called Karens it’s implied that this is someone that has little empathy to others,” one employee reportedly wrote. “… Like why can’t bad behavior not be called out?”

After the second event, Lee’s two bosses, CEO Dara Khosrowshahi and Chief People Officer Nikki Krishnamurthy, told her, “to step back and take a leave of absence while we determine next steps,” according to an email to some employees from Krishnamurthy viewed by the Times.

“We have heard that many of you are in pain and upset by yesterday’s Moving Forward session,” the email reportedly said. “While it was meant to be a dialogue, it’s obvious that those who attended did not feel heard.”

An Uber spokesperson confirmed to the Times that Lee is on a leave of absence. Neither the company nor the executive replied to SFGATE’s requests for comment.

Lee has worked in corporate diversity and inclusion for decades and joined Uber in 2018 to lead the ride-hailing giant’s efforts. She was the third leader of diversity and inclusion initiatives at Uber but the first to take on such a senior title. Lee works closely with Khosrowshahi, who took over the firm in 2017 with a mandate to clean up the company’s toxic culture , according to Uber’s website.

Hear of anything happening at Uber? Contact tech reporter Stephen Council securely at [email protected] or on Signal at 628-204-5452.

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Filed Under: Uncategorized Bo Young Lee, Me Karen, Dara Khosrowshahi, Karens, Nikki Krishnamurthy, Black, Hispanic, Moving Forward, San Francisco, American, Uber, New York Times, SFGATE, ..., nctj diversity report, nctj diversity report 2022, diversity report facebook, osler diversity report, wdiv reporter leaving, wwl-tv reporter leaving, kutv reporters leaving, the fashion spot diversity report 2016, acritas diversity report, uber 2021 annual report

ETF vs. mutual fund: What’s the difference?

May 22, 2023 by www.sfgate.com Leave a Comment

If you’re researching investment options for your brokerage or retirement account, you might consider exchange-traded funds (ETFs) and mutual funds . Both pool investor money and use the funds to buy baskets of assets, exposing investors to hundreds of securities in a single investment (read: instant diversification).

While these two products share similarities, understanding mutual fund vs. ETF differences can help you decide which option is better for your investment portfolio. Here’s what you need to know.

An exchange-traded fund is just what it sounds like: a fund that trades on an exchange. ETFs invest in baskets of stocks, bonds, and other securities and usually track the performance of an underlying index. They trade like stocks , so investors can buy and sell (or sell short and buy to cover) ETF shares throughout the trading session at the current price.

ETFs are some of the most actively traded securities on U.S. exchanges, and investors buy and sell hundreds of millions of ETF shares daily. While ETFs can be passively or actively managed, the majority are passive investments.

Mutual funds pool your money with other investors to “mutually” buy a basket of securities. Most mutual funds are actively managed, meaning a professional money manager decides which securities to buy—and when to sell them. While ETFs try to replicate the performance of an underlying index, mutual funds try to beat the market.

TIP: The Securities and Exchange Commission (SEC) reminds investors that ETFs and mutual funds aren’t guaranteed or insured by the FDIC or any other government agency. This is true even if you buy shares through a bank and the fund carries the bank’s name.

ETFs and mutual funds have a couple of notable similarities.

1. Diversification

ETFs and mutual funds offer diversification in a single investment, which can be a simple way to mitigate risk and volatility in your portfolio.

2. Liquidity

Many ETFs and mutual funds are liquid investments, meaning you can sell your shares anytime without substantially impacting the price. Without liquidity, you could get stuck holding an investment you no longer want.

ETFs and mutual funds also have several key differences.

1. How they trade

ETFs trade like stocks on exchanges, and you can place buy and sell orders throughout the trading day via your broker’s online trading platform or mobile app. Prices fluctuate based on the value of the fund’s holdings and market forces (i.e., supply and demand). For this reason, investors buy and sell at different per-share prices, even during the same trading session.

With mutual funds, you buy shares directly from the issuing company or through a brokerage firm that sells the fund. Unlike ETFs, mutual funds are priced and traded once daily after the U.S. stock market closes. The price is based on the fund’s net asset value (NAV), which is its assets minus liabilities, divided by the total number of outstanding shares.

2. How they’re managed

Most ETFs are passively managed funds that automatically track a specific index (such as the S&P 500). Most mutual funds have a team of professional fund managers who analyze potential investments and try to beat the market. While actively managed funds beat the market occasionally, passive investments have consistent long-term returns .

3. Expenses ratios and fees

An expense ratio reflects how much you pay to cover an ETF or mutual fund’s expenses. With fewer overhead costs, ETFs generally have lower expense ratios than actively managed mutual funds. Additionally, mutual funds (and not ETFs) often have load fees — a type of commission charged when you buy or sell a fund.

4. Investment minimums

ETFs have no minimum purchase requirements, so you buy a single share if you wish. Mutual funds can have a high cost of entry, and many have minimums of $1,000, $2,000, or more.

5. Tax implications

ETFs are generally more tax efficient than mutual funds. You’ll owe taxes on any realized gains when you sell ETF shares. However, when mutual funds buy and sell assets, capital gains are taken out of the fund, which impacts the value of your shares.

Here’s a rundown of the differences between ETFs and mutual funds:

ETFs and mutual funds can be a convenient way to diversify your investment portfolio. They’re also an excellent choice for new investors or anyone who doesn’t have the time, interest, or experience to choose individual investments.

ETFs may be a better choice if you’re an active trader or prefer more control over your capital gains. Mutual funds might make more sense if you want the opportunity to beat the market or the exposure you want isn’t offered in a comparable ETF. Of course, there’s no reason you can’t invest in both. That way, you can diversify your portfolio even further and get returns with a level of risk you’re comfortable with.

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected] .

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Filed Under: Uncategorized Lauren Williamson, Home Services Editor, U.S., Securities and Exchange Commission, FDIC, ETFs, ecm-hnp, S&P 500, SFGate.com, Hearst E-Commerce, ..., closed end fund vs mutual fund, bogleheads etf vs mutual fund, vanguard total stock market etf vs mutual fund, commingled vs mutual fund, reinvest vs mutual fund, gic vs mutual funds, unitized fund vs mutual fund, investment plan vs mutual fund, money market mutual funds vs mutual funds, registered investment company vs mutual fund

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