I am surprised no one understands basic capitalism. City leaders seem to have 'magical thinking' instead of basic economic knowledge.

Real estate in capitalism has three 'values'. First they can be sold. This is 'exchange-value'. Second they can be used. This is 'use-value'. Third they store wealth or capital. This is called 'surplus-value' or capital.

Buildings in San Francisco are the most expensive in the country, meaning they have high 'surplus-value'. 'Use-value' is fairly unimportant when the surplus-value is so high. Buildings can sit vacant and it doesn't matter. As long as its surplus-value, capital, remains. The other problem this creates is business will move to where use-value, or rent, is lower. Many businesses have moved out of the city to surrounding areas like Oakland.

This situation will continue until the 'exchange-value' of these buildings drops and this reduces its 'surplus-value'. This will happen when the commercial real estate market crashes. Look for that later this year. The situation is only going to get worse.