Mary Daly points to workers being ordered back to the office and other steps required to regenerate depleted downtown
San Francisco Federal Reserve president and chief executive Mary Daly called on the city’s technology founders to bring their employees back to work amid record-high office vacancies that have helped fuel concerns of an economic “doom loop” there. “If you’re the founder of something and you’re part of this, then let’s change it,” Daly said at San Francisco’s Commonwealth Club on Monday. “This isn’t being done to us, we live in the city and so together we can help.
Efforts to lure workers back have had limited success, with office attendance hovering at between 40 per cent and 45 per cent of pre-pandemic averages since the start of the year, according to city data. “The question I always get asked is ‘is San Francisco in a doom loop, is the world over?’” Daly said. “We’re not there yet, there’s a lot of things we need to do to make this city better and live up to its potential, but I know the spirit is here and it will get done.
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