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Mayor Daniel Lurie is banking on San Francisco’s wealthy elite to finance downtown revitalization.
On Tuesday, several of Lurie’s supporters with backgrounds in finance, tech and philanthropy announced the Downtown Development Corporation (DDC), a new nonprofit that will raise money for projects aimed at improving street conditions and business opportunities downtown.
The move is the latest step in Lurie’s play to prop up major public-private partnerships to boost San Francisco’s economic comeback as the city faces a nearly $1 billion budget deficit. It’s also raised eyebrows among some government ethics watchdogs who say that a small but powerful business class is gaining influence in City Hall…